NDTV Profit Pulse On March 24 —Top 8 Stories At 8 P.M. Under 8 Minutes
Among the top news of the day, SEBI has raised the disclosure threshold for foreign portfolio investors and set up a panel to review conflict of interest rules. Meanwhile, the government has proposed removing the 6% equalisation levy on online advertising as part of amendments to the Finance Bill 2025.
On the equity markets front, India's benchmark indices extended their winning streak to a sixth session, closing at a near two-month high. The rupee also hit a two-month high against the US dollar, supported by the Reserve Bank of India's $10 billion buy-sell swap. In the US, stock futures rallied as investors took comfort in signs that upcoming tariffs may be more targeted.
Here's a roundup of news that made headlines today:
SEBI Tightens FPI Rules, Sets Up New Panel
The Securities and Exchange Board of India has doubled the disclosure threshold for foreign portfolio investors to Rs 50,000 crore in equity assets under management. It also set up a high-level committee to review conflict of interest provisions for board members and officials.
This was SEBI's first board meeting under new chairperson Tuhin Kanta Pandey, who took charge earlier this month.
Centre Hikes MPs' Salaries, Allowances, And Pensions
The Centre has raised the monthly salary of MPs to Rs 1.24 lakh from Rs 1 lakh, effective April 1, 2023, as per a gazette notification. The daily allowance is now Rs 2,500, up from Rs 2,000, while the pension for former MPs has increased to Rs 31,000 from Rs 25,000.
Find out more on the salary hike.
US Stock Futures Rally, Indian Indices Extend Gains
Nasdaq 100 futures jumped 1.4% as investors bought beaten-down tech stocks, with Tesla gaining 4% in premarket trade. The S&P 500 also climbed over 1% on signs of more targeted US tariffs.
Back home, Indian indices recorded their longest winning streak in six months, with the NSE Nifty 50 closing 1.32% higher at 23,658.35 and the BSE Sensex rising 1.4% to 77,984.38.
Markets on a roll – check the trends.
Government To Scrap 6% Equalisation Levy On Online Ads
The Centre has proposed removing the 6% equalisation levy on online advertising in the Finance Bill 2025. The move comes after India scrapped the 2% levy on e-commerce last year, which had triggered trade tensions with the US.
The bill also includes 35 amendments, including changes to tax rules for offshore fund managers in India, sources told NDTV Profit.
Read to find out what this means for digital businesses.
Zerodha CEO's 10-Minute Response Leaves User Impressed
Bengaluru-based Sachin Jha wrote to Zerodha CEO Nithin Kamath about having to close his account due to a compliance mandate from his wife's employer. He didn't expect a reply—but Kamath responded within 10 minutes.
Zerodha's team immediately addressed the issue and started working on a solution, winning Jha's trust despite his account closure.
Read the full story.
Rupee Closes At Over Two-Month High Against US Dollar
The rupee gained 33 paise to close at 85.64 against the US dollar, marking its highest level since December 31, 2024. The currency has now strengthened for nine straight sessions, the longest winning streak since January 2024.
RBI's $10 billion buy-sell swap played a key role in boosting the rupee's momentum.
Check what's driving the rally.
Raamdeo Agrawal Turns Bullish On Banks Amid Sector Revival
The banking sector is making a strong comeback, with Nifty Bank hitting a three-month high and Nifty Financial Services near a six-month high.
Motilal Oswal's Raamdeo Agrawal believes banks are set to be the best performers this cycle, with clean balance sheets, rising credit growth, and potential interest rate cuts driving optimism.
Read or watch to find why banks are back in focus.
Zomato Leads Food Delivery, Swiggy Bolt Rules Quick Commerce
A Bank of America survey of 1,000 users found that Zomato is the most preferred food delivery app (32%), followed by Swiggy (28%). However, Swiggy Bolt dominated the 10-15 minute quick delivery segment, preferred by 47% of users compared to Zepto Café's 16%.
What's driving customer preferences?
Here are other top stories that you cannot miss
How To Fix Errors In Your Credit Report: A Step-by-Step Guide
Shyam Metalics Gets Its Most Bullish Price Target Yet As Anti-Dumping Duty Boosts Outlook
Radico Khaitan Plans Three New Luxury Launches, Expects Premiumisation Trend To Stay
US Trade Officials To Visit India As Trump's Tariff Deadline Approaches
FMCG Distributors' Inventory Piles Up As Sales Falter After January Uptick
Provident Fund: From Benefits to Withdrawals—All Your Questions Answered
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Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
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Getting To Work Costs Women More | The Reason Why
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AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
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Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
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The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
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Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
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Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
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'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
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Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
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The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
