Top stories | Gukesh’s historic win, CPI inflation eases, One Nation One Poll bill & more
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D. Gukesh made history by becoming the youngest-ever World Chess Champion, defeating Ding Liren in a thrilling final. Meanwhile, India’s CPI inflation for November eased to 5.48%, a slight dip from October’s 6.21%, with food inflation moderating to 9.04%. Industrial production also slowed to 3.5% in October, reflecting weaker factory output. In the stock market, benchmark indices closed in the red, with the Nifty slipping below 24,600, while the Sensex dropped 236 points amid broad-based selling. On the political front, the government pushed forward with its economic agenda, seeking Parliament’s approval for an additional ₹44,000 crore for welfare schemes and clearing the “One Nation, One Election” bill to streamline elections across the country. The Supreme Court also stayed civil court proceedings on disputed religious sites under the Places of Worship Act. Read on for all the details on these stories and more!
November CPI inflation eases to 5.48%, food inflation at 9.04%
India’s Consumer Price Index (CPI) inflation for November eased to 5.48%, slightly lower than CNBC-TV18's poll estimate of 5.5%. This marks a decrease from October’s inflation rate of 6.21%, reflecting a deceleration in price rises across several key sectors.
Food inflation eased slightly but remained elevated at 9.04% in November, compared to 10.87% in October. This was higher than the 8.5% anticipated in a CNBC-TV18 poll.
On the other hand, India's industrial production slowed to 3.5% in October 2024. The factory output growth measured in terms of the Index of Industrial Production (IIP) was at 3.1% in September 2024. In October last year, IIP growth stood at 11.9%.
According to the CNBC-TV18 poll of economists, the forecast IIP was estimated at 3.5% (MoM). Industrial output, or factory output, is the closest approximation for measuring the economic activity of the country's business landscape.
Stock Market Highlights: Indices end in the red as Nifty closes below 24,600; Reliance, L&T lead losses
The Indian equity markets closed lower after a rangebound trading session on Thursday (December 12), with benchmark indices weighed down by weak global cues and selling pressure in heavyweight stocks. The Sensex dropped 236 points to settle at 81,290, while the Nifty fell 93 points to close at 24,549.
Broader market indices mirrored the trend as the Midcap index declined 271 points to 59,022. Banking stocks also saw selling pressure, with the Nifty Bank index losing 175 points to end at 53,216.
D Gukesh breaks into tears after becoming youngest-ever World Chess Champion by defeating Dang Liren
D Gukesh broke into tears upon winning Game 14 of the World Chess Championship and becoming the youngest-ever winner of the tournament at 18 years old by defeating Dang Liren in Singapore on Thursday.
Liren was the defending champion of the tournament and this was the last game of the summit clash before the match would have proceeded into rapid tie-breakers.
Gukesh secured the requisite 7.5 points as against 6.5 of Liren after winning the last classical time control game of the 14-game match that seemed headed for a draw for most part.
CEA sticks to 6.5-7% growth estimate for FY25, expects Q2 number to be revised higher
India's Chief Economic Advisor (CEA) Dr V Anantha Nageswaran has expressed confidence that the country will achieve its projected growth target of 6.5% to 7% for the financial year 2024-25, as outlined in the Economic Survey.
India’s Q2 GDP growth slowed to a shocking 5.4%, the lowest since Q3 FY23. Speaking at a briefing on Thursday, December 12, Nageswaran acknowledged the slowdown observed in the second quarter of the fiscal year but emphasised that it is not merely a data artefact, and the numbers are likely to be revised upwards as more data comes in.
Union Cabinet clears ‘One Nation, One Election’ bill
The Union Cabinet on Thursday, December 12, approved the "One Nation, One Election" (ONOE) bill, a transformative proposal aimed at conducting simultaneous elections for the Lok Sabha, state assemblies, and local bodies.
This move, recommended by a high-level committee led by former President Ram Nath Kovind, promises to streamline the electoral process, reduce costs, and ensure uninterrupted governance and development.
Govt seeks parliament approval for additional cash spend of ₹44,000 crore
The Indian government has sought Parliament's approval for an additional cash outlay of ₹44,143 crore, including supplementary allocations for key welfare schemes such as PM KISAN and fertilizer subsidies.
In a proposal submitted to Parliament, the government requested approval for a gross extra expenditure of ₹87,763 crore. However, the net cash outgo, after accounting for savings and adjustments, amounts to ₹44,143 crore, according to sources. This move aims to ensure the smooth continuation of various welfare programs while addressing urgent fiscal needs.
IRDAI eyes regulations to diversify distribution channels and bancassurance practices
The Insurance Regulatory and Development Authority of India (IRDAI) has expressed concerns over the dominance of a single distribution channel in the overall business of life insurance companies and the reliance on parent banks within the bancassurance segment.
On bancassurance, IRDAI is reportedly considering regulations to cap the share of a parent bank in the bancassurance business of its life insurance subsidiary. According to sources, the regulator may initially release a draft exposure or consultation paper to gather stakeholder feedback before implementing any formal rules.
Reliance Industries, Rosneft sign biggest ever India-Russia oil supply deal: Reports
Shares of Reliance Industries Ltd., the Nifty 50 heavyweight, are looking to recover from the lows of the day, after news agency Reuters reported citing sources that the company has signed the biggest ever India-Russia oil supply deal with Russian state-owned firm Rosneft.
Rosneft has agreed to supply nearly 5 lakh barrels per day of crude oil to Reliance Industries, Reuters reported citing three sources familiar with the matter.
Supreme Court to hear CCI plea seeking transfer of Amazon, Flipkart cases ahead of Karnataka HC hearing
The Competition Commission of India (CCI) has filed a plea in the Supreme Court (SC) seeking the transfer of all pending competition cases against Amazon and Flipkart across various high courts (HCs).
The CCI’s move comes in response to multiple hearings scheduled across different states, creating the risk of conflicting rulings and straining its resources.
Places of Worship Act: SC stays civil court orders, prohibits new suits on disputed religious sites
The Supreme Court on Thursday, December 12, granted an interim stay on civil courts passing any effective or final orders in cases related to disputed religious sites. It also prohibited the filing of fresh suits concerning such sites.
This order was issued as the court is hearing a batch of petitions challenging the constitutionality of the Places of Worship (Special Provisions) Act, 1991. A Bench comprising Chief Justice of India Sanjiv Khanna and Justices PV Sanjay Kumar and KV Viswanathan observed, "The matter is sub judice. No further suits can be registered till we hear and dispose of the case."
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