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Stocks on Wall Street finished higher on Friday to notch another winning week amid growing expectations the Federal Reserve is done with raising interest rates and could start cutting them next year.

Narendra Modi on Sunday inaugurated the Surat Diamond Bourse, which will have facilities like international banking, safe vaults, jewellery mall and create about 150,000 new jobs, during his visit to Gujarat. He also inaugurated the new terminal building of Surat Airport, which can handle 1,200 domestic passengers and 600 international passengers. Constructed in 6.7 million square feet, the Surat Diamond Bourse will be the largest office space in the world.

Investing.com — Markets are entering the closing weeks of 2023 after Federal Reserve Chair Jerome Powell said the historic tightening of monetary policy is likely over and discussion of rate cuts is coming «into view». Investors will get a final update on U.S. inflation for this year, while the Bank of Japan may be inching toward a long-awaited policy pivot. Here’s what you need to know to start your week.

By David Randall

Raghuram Rajan, former Governor of the Reserve Bank of India (RBI), said India would reach the end of the demographic dividend by 2047 (Amrit Kaal) and still be classified as a lower middle-income country if the growth rate remains at 6% annually without any population growth. Speaking at an event in Hyderabad, the former RBI governor said that if the nation does not grow fast economically, it will grow older demographically before it gets richer.

Sector rotation refers to selling shares or funds that are invested in one sector and use the money to re-invest into another sector. This strategy helps investors to capitalise on a change in economic conditions and the anticipated performance of those sectors in specific stages of the economic cycle will lead to higher returns.

By Chiradip Bandyopadhyay

Smartworld Developers has announced the launch of its latest offering – ‘Smartworld The Edition’ – a high-end residential project in Sector 66 of the Golf Course Extension Road, Gurugram, and plans to invest Rs 3000 crore towards the development of the project. This marks their entrance into the upscale luxury real estate sector.

By Ravi Chamria

China of a potential «middle-technology trap» unless it opens doors «wide open» for new investments and scientific innovation to deal with increasing containment in the ongoing tech war with the US. «China's manufacturing sector is still in the downstream of the global value chain, and it faces a risk of being hamstrung at the low and mid-end by developed countries such as the United States, Germany and Japan,» the Chinese Academy of Sciences said in its latest report released during the weekend.

WASHINGTON—Robert Gilbert is fed up with high prices for groceries and other necessities, and he has giving up hope that President Biden can help. “I don’t think he has really done much for us, nothing that benefits me really," said Gilbert, 65 years old, a retiree living on a fixed income in Fenton, Mo. He voted for Biden in 2020, but doesn’t think he will support him again.

global market performance has got highly buoyant in anticipation of deep reduction in interest rate. Concern is that the rally is stretching ahead, caution is warranted as inflation is forecast to stay above average in 2024. Fed is indicating 3 cuts in 2024 while market is hoping on 4 to 5.

Narendra Modi during the inauguration ceremony of the Surat Diamond Bourse on Sunday said that his government has devised a plan for the next 25 years in view of the development of India's economy. PM lauds Surat's transformation from ‘Sun City’ to ‘Diamond City’ Surat Diamond Bourse: World's Largest Office Building Surat International Airport's capacity to triple with new terminal inauguration Surat Diamond Bourse is symbol of new India and country's determination: PM Modi The SDB is part of the Diamond Research and Mercantile (DREAM) City.

«The number of students enrolling in engineering and technology courses has witnessed a steady decline over the past few years with enrolment in BTech dropping from approximately 40 lakh in 2016-17 to 36 lakh in 2020-21.

Houthis, in order to re-establish free passage. Bab al-Mandab is a narrow strait between Africa and the Arabian Peninsula through which an estimated 12% of global trade by volume normally flows, and perhaps 30% of global container traffic. It has become a no-go zone as the Houthis, based in Yemen, attack shipping, ostensibly in support of the Palestinians in Gaza.

Oman News Agency reported. The Oman Foreign Minister said the Sultan's visit underscores the strength of bilateral relations between the two countries. Sayyid Badr further said that the visit represents a joint commitment to strengthen cooperation that stems from the long-standing foundations of friendship, cultural and economic exchange and continuous interaction between the peoples of the two friendly nations, according to the Oman News Agency. The Oman Sultan arrived in the national capital on Friday for a three-day state visit. He was received by Union Minister of State (MoS) for External Affairs, V Muraleedharan, at the Delhi Airport.

interest rates unchanged this week, but signaled different paths for policy going forward. Officials in the US are prepared to cut interest rates in 2024, while those in Europe said they’d step up their exit from pandemic-era stimulus. Meantime, policymakers in the UK were more hawkish, with several still supporting a rate hike at Thursday’s meeting. Here are some of the charts that appeared on Bloomberg this week on the latest developments in the global economy: US The Federal Reserve pivoted toward reversing the steepest interest-rate hikes in a generation after containing an inflation surge so far without a recession or a significant cost to employment.

Romal Shetty, CEO, Deloitte India, says “major companies have to move fast because some disruptions can be quite serious. In this round of development a lot more smaller companies make a big splash. Some key niche technologies will be able to make that big impact and some of the ones that we saw 10 years back now will get to $1 billion,$2 billion much faster than probably 10-20 years back and we see some of those real gems coming out of India.” Coming to the IT sector, will the bigger companies become bigger or will there be serious challenges for them? Will AI change the pecking order? Some of the major companies that we actually have are fairly well run professionally well run, so they will continue to remain but the important thing for them is to be how agile and flexible they are and how fast they can move because some disruptions can be quite serious. But I think in this round of development you will see a lot more smaller companies make a big splash. You will see some key niche technologies for example able to make that big impact and you will see some of the ones that you saw 10 years back now but in a much faster way get to $1 billion,$2 billion much faster than probably 10-20 years back and we see some of those real gems coming out of India.

Sharad Pawar on Saturday heavily criticised the setting up of Surat Diamond Bourse noting that it might cause loss of employment for lakhs of people in Maharashtra. "Those who are in power today do not have the power to think about the country. The Prime Minister will inaugurate the diamond business in Surat.

Also Read: Over 45 smallcaps rise 10-30% as Sensex crosses 71,000-mark; do you own? As a culmination of these factors, the Nifty 50 soared to an all-time high of 21,492 points on Friday, concluding the week with a robust rally of 2.32%. 37 out of the 50 constituents of Nifty 50 ended the last week in green. HCL Technologies led the pack with an impressive rally of 9.3%, reaching ₹1,491 apiece and achieving a record high of ₹1,497.

Pankaj Murarka, CIO, Renaissance Investment Managers, says “the AI wave will be a much longer term wave like we saw in the mid-90s or early 90s till the end of the decade, the dotcom boom. As a result, IT companies in India across largecaps and midcaps, if they execute well, if they have solutions around it and if they build capabilities around AI, will see a huge amount of work flowing to them. This whole wave of elevated IT spends or resurgence in IT spends globally will sustain for this decade. That is my view and that is why I think this is not one of those cyclical rallies in IT, but this is probably a change of trend.” It has been such a great week. Shouldn’t you be more enthusiastic? We are nearing the end of the year. It has been a phenomenal year for equities globally and for India as well and now that we are ending on a very high note with the last of the sector which had not participated in this b,ull market for almost 24 months now has also started participating. So, it is time to just calm down and absorb all that we have gained and experienced.