Election Financial News

dividend announced by the Reserve Bank of India (RBI) may help the newly-elected Indian government meet the 5.1 per cent of GDP deficit target for the fiscal year ending March 2025 (FY25), said Fitch Ratings in its latest report on Monday. It further stated that the dividend income could be used to lower the deficit beyond the current target. The RBI on May 22 announced a record-high dividend transfer to the government, equivalent to 0.6 per cent of GDP (Rs 2.1 lakh) from its operations in FY24. The figure has surpassed the 0.3 per cent of GDP expected in the FY25 budget from February. Hence, the rating agency said that it will aid the authorities in meeting near-term deficit reduction goals.

Ex-US President Donald Trump rallies behind cryptocurrencies, embracing “all things related to this new and burgeoning industry.”

General Elections 2024: How different poll outcome scenarios will impact equity, forex and bond marketsThe Indian stock market may see some volatility in the near term as the election outcome day draws closer. Market experts suggest picking stocks with strong technical indicators. Based on the recommendations of several experts, here are 10 stocks that may rise 8-16 per cent in the next 3-4 weeks.

Outright BJP victory: Nomura expects positive market reaction particularly if NDA gets close to 400 seats. Domestic sectors particularly financials, consumer discretionary, industrials/infrastructure and PSUs will outperform.

India and Indonesia, whose populations are growing at a solid pace, stand to benefit as demographics begin to play a bigger role in investment decisions, according to Fidelity International and BlackRock Investment Institute.The investors are focusing on the two nations in emerging Asia, thanks in part to an expected boom in infrastructure spending, which in turn bodes well for the countries’ economies. Both India and Indonesia coincidentally had elections this year, showcasing to the world their ambition to transition into major economic powerhouses with their dynamic population a key strength.

China’s engagement in the global system of commerce was roundly criticized by Group of Seven finance chiefs in a show of unity accompanied by a threat of further escalation. The club of rich-world ministers and central bankers concluded its gathering in the Italian lakeside town of Stresa on Saturday with a communique that cited the world’s second-biggest economy by name and accused the country of hurting the economies of its trade partners. “While reaffirming our interest in a balanced and reciprocal collaboration, we express concerns about China’s comprehensive use of non-market policies and practices that undermines our workers, industries, and economic resilience,” they said. “We will continue to monitor the potential negative impacts of overcapacity and will consider taking steps to ensure a level playing field.”

Even though risk reward is quickly appearing out of favour, a collapse is less likely this week, says Anand James, Chief Market Strategist, Geojit Financial Services. “Downside marker may be placed at 22983, for an aggressive positioning, with further support seen at 22800,” he says. Edited excerpts from a chat: How have Nifty charts changed after recording two back-to-back weekly gains? What are the odds of a correction now in the pre-election week and the monthly expiry? Anand James: About a week to go for the big day. In 2019, Nifty had fallen over 6% from the recent peak as it was about to enter the last week before elections results were announced. And with that fall, VIX which had been steadily rising from 15 would reach a peak of 28.65, before starting to ease in the week before results. In stark contrast, we are already at record peak, with chart patterns continuing to point further north, towards 23200-23350. And, VIX at 22, while not as high as what was prevailing in the similar period of 2019, is at its highest this year. But, what is more striking this time is that volatility has been persistent and VIX has been holding steady in the vicinity of or above 20 for nine days.

Ahead of the June 4 general election outcome, volatility is expected to remain high and India VIX appears to be at a striking distance of 30, Aamar Deo Singh, Senior Vice President-Equity, Commodity & Currency at Angel One said, advising investors to remain alert and look at investing light. This analyst spells-out strategy in previous week’s major movers viz. Cochin Shipyard, Zomato and Global Health (Medanta) and three more stocks. Here’s what he recommends: Edited excerpts: Market seems to have got its mojo back especially after statements by Indian Prime Minister Modi, Home Minister Amit Shah with the former exuding confidence over rally following a favourable June 4 outcome and the latter suggesting investors to continue buying in the run-up to the D-day. Do you see a connection or see other factors to be supporting the rally? Aamar Deo Singh: Overall, markets appear to have factored in the return of the current dispensation at the centre, and that is reflected in the price moves, cutting across sectors and multi-caps with the benchmark indices gaining almost 2% WoW. Unless there is a major upset, of which the probability is very low, markets would continue to in an uptrend in the long-term.

Youth and Sports Affairs, Anurag Singh Thakur, on Sunday called Congress leader Rahul Gandhi's rally in Una as a flop show, asserting that all of his guarantees are mere "lies". Referring to Himachal CM Sukhvinder Singh Sukhu and Rahul Gandhi as «Chote Miyan» and «Bade Miyan», respectively, Thakur claimed that not a single guarantee from Sukhu has been fulfilled in the state, and Rahul Gandhi left after making even more empty promises. Thakur addressed over a dozen public meetings in the Una Assembly constituency of his parliamentary area, accompanied by local MLA Shri Satpal Singh Satti.

Sensex eased 7.65 points, or 0.01%, to close at 75,410.39, while the Nifty 50 settled 10.55 points, or 0.05%, lower at 22,957.10.Nifty 50 formed a doji candle on the daily timeframe after a big bull candle on the previous day.“On the Daily chart, Nifty continues to hold above the 20 and 50-day SMA, which is a positive signal. The 14-day RSI at 67.5 is rising and not overbought, which is encouraging.

Prime Minister Narendra Modi-led government will return to power in Lok Sabha Elections 2024.The Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA), has already crossed the numbers required for forming the government in the first five phases of the general elections, Shah said. “We are somewhere between 300 and 310…this is minus the last phase…We are in a comfortable position. This time, we went to the people with 10 years of track record and 25 years of a powerfully positive agenda," Shah told Indian Express in an interview.

Prince Harry and Meghan Markle strengthening their bond with two other members of the Royal Family.As reported by the Mirror, the Duke and Duchess of Sussex have distanced themselves from senior royals after openly criticizing aspects of royal life. Royal author Tom Quinn has proposed that they are now rebuilding connections with Princess Beatrice and Princess Eugenie.Quinn said, “For William and Kate an alliance between Harry and Meghan and Beatrice and Eugenie is a huge worry."Also Read: Prince Harry’s reconciliation efforts with family face renewed opposition from two royals, says report“They sense that Beatrice and Eugenie feel that, as virtual outcasts themselves, they have far more in common with Harry and Megan than with any other part of the family," Quinn told the Mirror, adding that the situation is “made worse by the fact that the senior royals' main asset – Kate herself - is effectively out of action while she continues her treatment for cancer."Princess Beatrice and Princess Eugenie, daughters of Prince Andrew and Sarah Ferguson, are said to have maintained a connection with the Duke and Duchess of Sussex since their relocation to the United States.

India's six-week long national election, the world's largest, has entered its final stage with votes scheduled to be counted on June 4, and investors are gearing up for Prime Minister Narendra Modi's widely expected third term in office. However, the margin of victory may be smaller than earlier expected, analysts and informal betting markets are speculating.

traded sideways throughout the session to close with a loss of 17 points at 22951 levels on Friday. «We expect the market to witness a gradual up-move and see some volatility next week as both election and earning season are nearing the end,» said Siddhartha Khemka, Head — Retail Research, Motilal Oswal.

stock market would set new records on 4 June, when the election results are declared. A certain breed of trader, who lives by the proverbial ‘tip’, has latched on to it with glee. In fact, a whole lot of people who are interested in stock investing, but have not yet taken the plunge, have suddenly woken up, so to speak.

Presidential candidate Donald Trump was booed and heckled by many in a raucous audience at the Libertarian National Convention on Saturday night, a marked change from the adulation he receives at rallies from his fervently loyal supporters. Libertarians, who believe in limited government and individual freedom, blame Trump, a Republican, for rushing through the creation of a COVID-19 vaccine when he was president and for not doing more to stop public health restrictions on the unvaccinated during the pandemic.

Diversified funds dynamically adjust allocations to capitalise on emerging trends and opportunities. Such funds not only mitigate the risks associated with high valuations in any single sector but also position investors that could benefit from the broader economic growth, Rahul Singh, chief investment officer, Equities, Tata Asset Management, tells Saikat Neogi.

IPL) final between Kolkata Knight Riders and Sunrisers Hyderabad fired up bookings at bars, pubs and cafes across India by 30-50%, compared to a regular weekend, executives said, with the heatwave adding to demand for cooler leisure options. “Alcohol sales saw a big spike, as average time spent per consumer at outlets was more,” said Vikrant Batra, founder of Cafe Delhi Heights. “Malls also did phenomenally well because of the heatwave. That’s another reason we saw spike in sales at our mall outlets.” During an otherwise lean season for pubs, bars and restaurants because of people being away on summer vacations, the IPL final in Chennai triggered a dramatic spike in footfall and sales across the cricket-crazy nation, executives said.

elections have thrown up a problem of plenty for the government — its cash balances are much higher than before the previous two Lok Sabha polls, but curbs on spending mean that banks are parched of funds while the Centre tries hard to prevent the money from sitting idle. The adoption of more efficient fund management practices by the Centre, healthy tax collections and a build-up of cash by state governments have resulted in overall government cash balances swelling past ₹3 lakh crore and locking out funds from the banking sector. As a result of the constraints on spending during a long-drawn national election, government expenditure — which traditionally flows through banks — has moderated, leading to a tight money market and, consequently, higher borrowing costs.

summer travel this year, with hospitality and travel services providers noticing buoyant demand. Although the ongoing general elections have had a minor impact on corporate and meetings, incentives, conferences, and exhibitions (MICE) business, hotels are finding increased retail business with beach destinations still fighting it out with hill stations for the favoured holiday site. «Those in the northern part of the country head to the hills to escape the heat. There is also movement from the cities to nearby tourist or leisure destinations. Industry sources estimate a 30 to 40% increase in the summer travel this year as compared to last year,» Hotel Association of India, president and Radisson Hotel Group chairman, south Asia, KB Kachru said. MakeMyTrip group CEO Rajesh Magow said, «Summer is always one of the biggest quarters of the year in terms of travel intent, and this year too, the buoyancy in the sector continues. We are observing a healthy growth in searches over those recorded last year at this time.»

Final data across five phases of Lok Sabha elections indicates that 3-4 states have pulled down overall voter turnout, with Uttar Pradesh, Bihar, Gujarat and Rajasthan leading the tally. Maharashtra has also reported lower turnout across several seats, but has made up on others, as per full data released by the Election Commission of India on Saturday. Overall, many more Lok Sabha seats have witnessed lower turnout in comparison to 2019. «We are disappointed with the turnout in UP, Bihar and Maharashtra. We expected them to do much better and that has affected overall turnout. Deeper examination of the reasons will be done to understand this dip,» a senior ECI official told ET.