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Stock Market Crash: Nifty posts worst week of 2024, losing ₹19 lakh crore of investor wealth
The Nifty 50 index ended with losses of over 350 points on Friday, marking the fifth straight day of losses and also registering its worst week of 2024.
The drop in the market this week led to a loss of ₹18.5 lakh crore in investor wealth.
48 out of the 50 Nifty stocks ended the week with losses. Dr. Reddy’s and Cipla were the only two gainers on the index, while Shriram Finance (down 9%), Tata Motors (Down 8.4%) and JSW Steel (Down 8.25%) were among the worst performers on the index for the week.
NSE announces exclusion of F&O contracts for 16 securities
The National Stock Exchange (NSE) on Friday (December 20) announced the exclusion of futures and options (F&O) contracts for 16 securities. Effective February 28, 2025, no new expiry contracts will be introduced for these securities.
The affected securities include Abbott India, Atul Ltd, Bata India, Can Fin Homes, Coromandel International, City Union Bank, Gujarat Narmada Valley Fertilizers & Chemicals, IndiaMART InterMESH, Ipca Laboratories, Dr Lal PathLabs, Metropolis Healthcare, Navin Fluorine International, PVR INOX, Sun TV Network, and United Breweries.
RBI Board meets under new Governor Malhotra, reviews economic outlook
The Reserve Bank of India (RBI) Central Board, under the leadership of new Governor Sanjay Malhotra, convened on Friday to review the current global and domestic economic landscape.
During the 612th meeting, the Board discussed the current economic situation and outlook, addressing both international trends and domestic challenges that may affect monetary policy and banking operations in the coming months.
RBI’s MPC sees food inflation softening in Q4, warns of external risks
Former RBI governor Shaktikanta Das reiterated that reducing inflation and aligning it with the target is essential for fostering sustainable growth. He stressed that price stability is the biggest support for higher growth, and maintaining the neutral stance is the prudent approach to avoid counterproductive timing.
RBI Deputy Governor Michael Patra highlighted that core inflation has risen by 70 basis points since July, adding that the monetary policy stance remains open to supporting growth but must wait for inflation to moderate.
RBI MPC Minutes: Economic slowdown warrants rate cut, argue two members
Two members of the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC), Nagesh Kumar and Ram Singh, called for a 25 basis point reduction in the repo rate to 6.25%, citing concerns over India’s slowing economic growth and softening inflation, the December MPC minutes showed.
Nirmala Sitharman’s pre-budget meeting: What states want from the FM
Ahead of the Union Budget 2024-25, state governments have put forward a bevy of financial demands ranging from states’ fiscal concerns to developmental priorities during a pre-budget consultation meeting with Finance Minister Nirmala Sitharaman in Jaisalmer on Friday, December 20, 2024.
According to sources, states collectively urged the Centre to increase their borrowing limits, citing the need for enhanced financial flexibility to manage their growing expenditures. States like Punjab and Kerala that are facing fiscal stress have also sought special financial packages to grapple with challenges.
Parliament tussle row: Here are charges filed against Rahul Gandhi
Delhi Police registered an FIR against Leader of Opposition in Lok Sabha Rahul Gandhi, hours after the BJP filed a complaint, accusing him of physical assault and incitement” during a scuffle in Parliament premises.
The FIR was registered under sections 115 (voluntary causing hurt), 117 (voluntary causing grievous hurt), 125 (act of endangering life or personal safety of others), 131 (use of criminal force), 351 (criminal intimidation) and 3(5) (common intention) of the Bharatiya Nyaya Sanhita, a police officer told PTI.
US pressures India on sanctions: Officials meet Indian entities over dual-use technology exports to Russia
Weeks after the US Department of Treasury imposed sanctions on 19 Indian entities and two individuals for exporting dual-use technology to Russia, a significant meeting took place between US officials, Indian government representatives, and sanctioned companies. Officials from the Bureau of Industrial Security and the Office of Foreign Assets Control (OFAC) stressed the seriousness of these sanctions and urged Indian businesses to comply.
According to sources, the US emphasised its strict stance, categorising 50 high-priority items—such as semiconductors, integrated circuits, machine tools, and roller bearings—as critical to its sanctions regime. Even if exported for civilian purposes, these goods are presumed to be potentially diverted for defence use by Russia, triggering the sanctions.
Trump-backed GOP funding plan fails in house as shutdown nears
The Republican-led House rejected a temporary funding plan backed by President-elect Donald Trump on Thursday with just over 24 hours to go before a US government shutdown, capping an extraordinary two days in Washington that tested the limits of the incoming president’s power.
Trump and key adviser Elon Musk had pressured GOP lawmakers, including threats to oppose them in the next election, to abandon an earlier bipartisan deal. Trump insisted Republican leaders add a provision waiving or raising the federal debt limit before he takes office.
But the bill failed by a vote of 235 to 174, with 38 Republicans voting against it in defiance of both the president-elect and the richest man in the world.
Russian missile strike on Kyiv damages embassies, church during rush hour
A Russian missile strike on Kyiv on Friday, December 20, morning killed at least one person and caused significant damage to several embassies, a historic cathedral, and buildings in the Ukrainian capital during the rush hour. Ukrainian officials confirmed the attack, which also left dozens injured.
Ukraine’s air defence forces intercepted all five Iskander-M/KN-23 ballistic missiles launched by Russian forces, preventing further casualties, the Ukrainian air force reported. However, loud explosions were heard across the city centre, with fires breaking out in multiple buildings, said Serhiy Popko, the head of Kyiv’s military administration.
Buy US gas & oil or face tariffs: Donald Trump threatens EU
US President-elect Donald Trump has threatened the European Union with tariffs. Trump took to social media and said, the bloc must buy US oil & gas to reduce trade deficit or face sweeping tariffs. Trump has threatened tariffs on several nations including China and Canada since he was re-elected.
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