2024 Financial News

Bitcoin, the pioneering cryptocurrency, has surged to $44,050, marking over 1.4% increase and signaling a buoyant phase for the crypto industry. This upswing coincides with Coinbase’s strategic expansion, as the company secures a crypto license in France, indicating a broader global outreach. Meanwhile, tech maverick Elon Musk has announced plans for ‘X’ to delve into financial services by mid-2024, potentially reshaping the fintech landscape.

Before this, Piyush Goyal, then serving as the acting Finance Minister, presented the interim budget preceding the 2019 General Elections. Goyal had stepped in for Arun Jaitley, who was not well during that period. Following the reelection of the Narendra Modi-led government in 2019, Sitharaman assumed the role of finance minister and delivered the comprehensive budget on July 5, 2019. But what is an interim budget and how is it different from the vote on account? Interim Budget An interim budget serves as a framework for managing provisional expenditures over a short duration, usually spanning a few months, until a new government takes office at the central level. The conclusion of the fiscal year on March 31 corresponds with the typical transition period to a new government in late May or early June.

Japan on Friday finalised its record 7.7 trillion yen ($54.25 billion) defence budget for fiscal 2024, the second consecutive year in which the country increased defence spending by about a trillion yen from the previous year. The approved budget keeps Japan on track to boost military spending by 43 trillion yen over five years as it seeks to bolster defences in a complex security environment with an increasingly assertive China and unpredictable North Korea. The 2024 budget for the year starting April represents an increase of about 17% from the previous year's spending of 6.6 trillion yen. It includes over 200 billion yen to strengthen cyber capability as well as funding to start building ballistic missile defence warships with Aegis combat systems, the defence ministry said, estimating the cost per vessel at about 400 billion yen. A collapse in the yen has complicated Japan's defence build-up, sources previously told Reuters, forcing the government to initially reduce its defence procurement plan as the currency has lost 10% of its value against the U.S.

ICICI Securities is bullish on the Indian markets and has a target of 24,200 for Nifty 50 in the calendar year 2024 driven by foreign fund inflows. “The Nifty has a tendency to extend the move towards mean+3 sigma levels after crossing life highs. Heavyweight stocks from BFSI, Auto, Cement and Healthcare should lead Nifty towards 24,200 levels in CY-24," said Pankaj Pandey, Head Research, ICICI Direct in a report.

Sonam Udasi, Senior Fund Manager at Tata Mutual Fund expects the Budget 2024 to continue on its stated path of fiscal deficit targets. Moreover, Udasi does not expect a populist budget ahead of the General Elections 2024. In an interview with Mint, Udasi shared his views on markets and the rise of retail investors.

Barbie, Christopher Nolan's Oppenheimer, and Martin Scorsese's Killers of the Flower Moon emerged as prominent contenders across various categories. They feature in the lists for score and sound. Jonathan Glazer's The Zone of Interest and Yorgos Lanthimos' Poor Things also made significant strides in makeup, visual effects, and score.

Laal Krishna Advani-led Ram Mandir movement materialised in 2019 owing to a Supreme Court decision ruling in favour of the Hindu side, during the Narendra Modi governance period, giving the saffron party an edge with the religious fundamentalists. Now the Bihar Chief Minister Nitish Kumar government has announced the Bihar government's ₹72-crore plan to redevelop the Punourdham in Sitamarhi.

That said, keep a closer eye on Retik Finance (RETIK), a newly launched project that is developing a comprehensive ecosystem and building a wide range of decentralised products that will continue to resonate with millions of people worldwide.

Bitcoin, the leading cryptocurrency, has recently witnessed a minor dip, yet impressively holds above the $43,500 mark, signaling a strong market sentiment. The crypto sphere is abuzz, speculating on how high Bitcoin might soar in 2024.

Tata Motors, which occupies nearly 70% of India’s electric passenger vehicle sales at present, expects sales of EVs in India to grow 30-40% in 2024 (calendar year), after nearly doubling in size in 2023, a top company official said. Tata Motors is lining up three new models for launch in 2024, which will be offered at “new" price points, expanding its current range of passenger EVs, and will fall in the broad range of ₹8-30 lakh.

The RH (NYSE:RH) price target was raised to $350 from $325 at TD Cowen on Thursday, with the bank's analysts maintaining an Outperform rating on the stock.

Analysts at Societe Generale offered their 2024 outlook for financial markets.

IPL auctions are all about selecting new players to represent a specific franchise, and the event in Dubai on December 19 was no exception. All the ten teams spent a jaw-dropping ₹230.45 crore, with 72 players being selected. Mitchell Starc and Pat Cummins earned a combined sum of over ₹45 crore of the total while several uncapped Indians made big splashes.

Citi equity strategists are advising investors to expect pullbacks in the US equity market and to consider capitalizing on these opportunities amid prevailing overbought conditions.

Nifty 50 gained about 17 per cent in the same period. Stocks such as Punjab National Bank and Indian Bank surged over 50 per cent each this year while shares of Central Bank of India, Bank of Maharashtra and Union Bank of India jumped over 40 per cent each. Healthy growth in advances, net interest income (NII), reduction in gross NPAs and strong growth in profitability are some of the factors that boosted PSU bank stocks.

Amitabh Mohanty, MD and CEO of JM Financial Asset Management Ltd. In an interview with Mint, Mohanty shared his views on the Indian market and mid and small-cap space. Edited excerpts: It may not necessarily be a simple vote on account.

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Bengaluru, underscores a paradigm shift. “Millennial aspirations, catalysed by robust economic growth and tech-driven affinities, propel a surge in home ownership.

Also Read: FPIs pump ₹42,733 in Indian equities in Dec; Inflows rise after US Fed stance This impressive rally prompted investors to book profits, resulting in a 1.41% dip in the Nifty 50 on December 20. However, analysts anticipate this minor setback to be short-lived, with expectations of a rebound towards the year's end. Despite subdued performances from heavyweight stocks like Reliance Industries, HDFC Bank, and Infosys, the index's rally found support from the automotive and financial sectors in 2023.

₹50,000 crore more fund under SWAMIH to complete stalled housing projects across the country, saying this will benefit consumers as well as the industry. The National Real Estate Development Council (NAREDCO) has suggested the finance ministry to come up with a second tranche of the Special Window for Affordable and Mid-Income Housing (SWAMIH) fund with ₹50,000 corpus in the upcoming Union budget for 2024-2025 fiscal year. In 2019, the Centre had created SWAMIH fund to complete stalled projects.