The National Stock Exchange of India is set to overtake Hong Kong in the list of the globe's largest trading venues by market capitalization. The NSE's total market capitalisation of listed firms stood at $3.7 trillion in October, just behind Hong Kong's $3.9 trillion, data showed. But thanks to surging earnings and upbeat Indian growth forecasts, share prices have since rallied further, putting the NSE on course to become the world's 7th biggest exchange after US, China, EU, and Japan markets. In contrast, Hong Kong has fallen victim to China's cooling economy, with real estate liquidity squeeze and frail confidence dragging down its benchmark Hang Seng index. India's Nifty 50 index of large companies hit new peaks this week, having risen over 8% in a month while Hong Kong’s Hang Seng index fell 6.7% during the same period.

The Centre announced new measures on Friday to control rising food inflation, including banning onion exports till March 2024, halting sugarcane juice diversion for ethanol production due to lower output fears, and tighter controls on wheat hoarding by traders. The steps come as poor monsoons and drought in some states is expected to reduce yields of several food items. Retail inflation is also seen rebounding in November, driven by surging vegetable prices. Apart from onion export curbs, import duties on yellow peas were removed to boost supplies. The ethanol blending programme will continue using molasses and grain feedstocks despite the sugarcane juice export bar. The directives aim at thwarting overall food inflation especially in essential kitchen staples.

In the RBI Monetary Policy Meet, Governor Shaktikanta Das announced the enhancement of UPI transaction limits, raising payments to hospitals and educational institutions from ₹1 lakh to ₹5 lakh. Additionally, e-Mandates for recurring payments in mutual funds, insurance premiums, and credit card repayments now have a limit of ₹1 lakh. Governor Das emphasized that this move facilitates higher UPI payments for education and healthcare. The MPC, in its decision, kept the repo rate unchanged at 6.5%, focusing on withdrawing accommodation to align inflation with the target while supporting growth. Real GDP growth for FY23-24 is projected at 7%.

Britain's top recruiters have alerted the Bank of England that demand for permanent staff has dropped at the second fastest rate since the pandemic. Ahead of the central bank's interest rate decision next week, a jobs snapshot showed economic uncertainty and hesitancy to commit to hiring weighed down activity in November. While availability of candidates rose at the quickest pace since 2020, permanent appointments fell sharply. With inflation still stubbornly high, the bank is expected to keep rates unchanged at 5.25%. But the latest data showed few signs of the labour market fuelling further price pressures. Governor Andrew Bailey is monitoring for evidence of inflation persistence after pausing a round of 14 consecutive interest rate increases in September.

Seattle-based Starbucks Corporation grapples with a staggering $11 billion loss, erasing 9.4% of its total value, as global boycotts intensify due to perceived boycott call over alleged Israel Association. The decline, spanning 19 days post-November 16 Red Cup Day, sees shares plummet by 8.96%, marking the longest 12-session stock downturn since 1992. Boycott roots run deep, ignited by a Starbucks Workers United tweet expressing solidarity with Palestinians. CEO Laxman Narasimhan remains optimistic in the face of challenges, denying wrongdoing amidst a company-wide commitment to brand integrity. The global boycott trend extends to Egypt, where Starbucks reportedly laid off workers due to financial strain, navigating a complex landscape of geopolitical tensions and economic repercussions.

Byju Raveendran, the founder of cash-crunched edtech giant Byju's, pledged his own home and properties of family members as collateral to raise $12 million, which was paid out as salaries to 15,000 employees on Monday. Two homes owned by the former billionaire's family in Bengaluru and his under-construction villa in Epsilon - a plush gated community in the city - were offered as collateral to borrow the $12 million. Raveendran, who also infused proceeds from his past share sales into Byju's, has reportedly raised $400 million in personal debts by mortgaging all his stock in the parent firm. The former billionaire has pulled out the stops to ease financial pressures as Byju's battles creditors amid attempts to sell assets. 

India's financial landscape witnessed a historic moment as the Sensex and Nifty soared to unprecedented heights, crossing the 69,000-point milestone. The remarkable surge followed the BJP's triumphant victories in key state assembly elections. Just a day after the poll results, markets experienced a surge, reflecting investor confidence. NSE Nifty climbed 0.52% to 20,794.50 points, and the Sensex rose 0.50% to an impressive 69,204.10. Banking stocks contributed significantly, gaining 0.7%, with public sector banks showing a notable 1.3% increase. Analysts predict continued momentum, aligning with expectations for a pre-2024 election rally.

Indian equity markets rallied to record highs on Monday, with benchmark Sensex surging over 1,000 points and Nifty climbing more than 300 points in early trade. The surge comes a day after the BJP emerged victorious in state election results, retaining power in Madhya Pradesh and wresting control of Rajasthan and Chhattisgarh from Congress. However, Congress defeated KCR's BRS to flip Telangana. The strong electoral showing for PM Modi's BJP has sparked a rally in equities, underscoring optimism in its pro-growth policy agenda which cheered investors. Markets are seeing additional gains building on an already positive momentum.

Indian refiners, including Reliance, have restarted purchasing Venezuelan oil through intermediaries, with Reliance planning talks with PDVSA executives for potential direct sales. Following the temporary lifting of U.S. sanctions on Venezuelan oil exports, three Indian refiners secured 4 million barrels for February delivery at $7.50 to $8 below dated Brent. Venezuela aims for 1 million bpd production, but challenges persist. Reliance, once a major PDVSA customer, seeks discussions on crude sales to India and fuel imports for Venezuela. While no cargoes have reached India, vessels are expected to depart in December, according to tracking data. [ Representative Image ]

Adani Group, reeling from Hindenburg Research's market accusations, announces a robust $84 billion investment initiative. CFO Jugeshinder Singh reveals the ambitious decade-long plan to bolster infrastructure, aiming to eclipse the conglomerate's recent market value losses. The move follows Hindenburg's January claims of stock manipulation, countered vehemently by Adani. Singh hints at further details to come, emphasizing the group's commitment to expansion. Recent rallies in Adani Group stocks align with positive developments, including India's Supreme Court progress and $500 million US financial aid for a Sri Lankan project. Adani's strategic rebound aims to dispel doubts, signaling confidence in a brighter future.