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Rise With Profit: US Retail Inflation, SEBI Proposal On AI, Tax Returns Rise | Podcast
- US retail inflation for October stood at 2.6% in line with consensus estimates, compared to a rise of 2.4% in September, progress towards meeting the Federal Reserve’s inflation target of 2% has slowed.
- Bloomberg reported that there is now an 80% chance of further rate cut in December.
- SEBI (Securities and Exchange Board of India) proposed ensuring accountability of market infrastructure institutions and intermediaries for any consequences arising from their use of artificial intelligence tools in operations or client services.
- Varun Beverages has set the floor price at INR594.56 per share for its INR7,500 crore ($1bn) qualified institutional placement.
- India's tax return filings rose by 120% over the past decade to 79m this year, according to a report by NDTV.
- Aggregated cash holdings in actively managed Indian equity schemes fell 0.3% to 5% in October, as fund managers dipped into cash holdings to help retail investors buy into equities after the recent sell-off in markets.
- Within the figures, cash holdings in actively managed small cap equity funds fell more sharply, from 9.4% in September to 6.2% last month, as the funds took positions in various stocks that became attractive after the recent market correction.
- The aggregate cash managed by the asset management industry also increased by INR9,000 crore ($1.2bn) in October, indicating that retail investors are investing at lower prices.
- The combination of the ongoing market sell-off in India and a stronger dollar continue to weigh on the country's equities.
- Foreign institutional investors sold a further INR2,500 crore ($334m) worth of equity yesterday on a net basis, marking 33 consecutive sessions of net selling worth over INR1.5 lakh ($20,000) crore.
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