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Sensex scales mount 83K, Nifty at lifetime high on rally in blue-chip stocks

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A sharp fag-end rally drove the 30-share Bombay Stock Exchange (BSE) Sensex to the 83,000 level for the first time.

A sharp fag-end rally drove the 30-share Bombay Stock Exchange (BSE) Sensex to the 83,000 level for the first time.
| Photo Credit: Reuters

Benchmark Sensex hit the historic 83,000 level for the first time on Thursday (September 12, 2024) and the Nifty settled at a lifetime high after a rally in blue-chip shares, surge in global markets, and foreign fund inflows.

A sharp fag-end rally drove the 30-share Bombay Stock Exchange (BSE) Sensex to the 83,000 level for the first time. The barometer surged 1,593.03 points, or 1.95%, to hit its lifetime intra-day peak of 83,116.19 in the last hour of trade. The index closed at a record high of 82,962.71, up by 1,439.55 points, or 1.77%.

chart visualization

The NSE Nifty surged 470.45 points, or 1.89%, to settle at a record closing high of 25,388.90. The benchmark hit its fresh all-time intra-day high of 25,433.35, a jump of 514.9 points or 2%. Nifty and Sensex opened higher and traded in a range till late afternoon trade.

Among the 30 Sensex firms, Bharti Airtel, NTPC, JSW Steel, Mahindra & Mahindra, Adani Ports, Tech Mahindra, Larsen & Toubro, Tata Steel, State Bank of India, and Kotak Mahindra Bank were the biggest gainers.

Nestle emerged as the only laggard from the blue-chip pack.

“While the session remained subdued for the most part, strong buying in heavyweight stocks across sectors propelled the indices sharply upward in the final hours,” said Ajit Mishra, SVP, Research, Religare Broking Limited.

In Asian markets, Seoul, Tokyo and Hong Kong settled with significant gains, while Shanghai ended marginally lower.

European markets were trading higher. Wall Street ended with sharp gains on Wednesday (September 12, 2024).

“Latest US inflation numbers are mildly positive for markets. August CPI inflation coming at 0.2% has brought down the 12-month inflation to 2.5% from 2.9% earlier.

“This paves the way for a rate cut by the Fed in September. But since core inflation continues to remain high at 3.2% the Fed is likely to be cautious and refrain from a 50 bps rate cut, finally settling for a 25 bps rate cut,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Foreign Institutional Investors (FIIs) bought equities worth ₹1,755 crore on Wednesday, according to exchange data.

FIIs turning buyers in the cash market during the last three days is another indication that the market will continue to be resilient, Vijayakumar added.

Global oil benchmark Brent crude climbed 1.39% to $71.59 a barrel.

The BSE benchmark dropped 398.13 points, or 0.49%, to settle at 81,523.16 on Wednesday (September 11, 2024). The NSE Nifty declined 122.65 points or 0.49% to 24,918.45.



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Dark patterns pose a growing concern in India’s digital landscape

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In recent years, as the digital landscape continues to expand, websites and apps have become integral to daily lives. However, a troubling trend has emerged alongside this growth: Dark patterns. The deceptive design practices are used to manipulate users into making decisions they might not otherwise make, such as signing up for unwanted services or sharing personal information. By exploiting human psychology and clever design, dark patterns benefit companies at the expense of consumers.

This issue is particularly pressing within India’s rapidly-growing e-commerce sector, expected to reach a market size of 350 billion by 2030. The growth is driven by increased Internet and smartphone penetration, with about 936.16 million Internet subscribers and 350 million mature online users actively engaging in transactions.

As online shopping becomes more prevalent, dark patterns are increasingly used to manipulate user decisions, exploiting the surge in digital activity.

Common dark patterns include creating a false sense of urgency to rush users into making purchases, hiding subscription cancellations deep within websites, and using confusing language to mislead users. The tactics are unethical and undermine the integrity of the design process, leading to practices that prioritise manipulation over genuine long- term user engagement. The practices fall under ‘unfair trade practices’ category under Consumer Protection Act, 2019.

Recognising the gravity of the issue, the Department of Consumer Affairs, on November 30, 2023, issued ‘Guidelines for Prevention and Regulation of Dark Patterns, 2023’ under the Consumer Protection Act, 2019, identifying 13 common dark patterns prevalent in e-com applications and websites.

Beyond specific guidelines, there have been significant developments in the international space to regulate dark patterns. In the European Union, regulations such as the Digital Services Act (DSA), General Data Protection Regulation (GDPR) and the Unfair Commercial Practices Directive (UCPD) address the concerns. In the United States, various States have introduced legislation to combat dark patterns, including the California Privacy Rights Act, the Connecticut Data Privacy Act, and Colorado Privacy Act.

Ethical challenges

Dark patterns pose a significant ethical challenge by manipulating consumer behaviour, undermining transparency and user autonomy. The tactics exploit psychological tendencies, leading users to actions that benefit firms rather than fostering fairness. By using misleading information, hidden fees, or confusing navigation, dark patterns break the expectation of honest interactions, making it hard for users to make informed choices. This not only harms users but also risks damaging the reputation of businesses, leading to lower customer loyalty, higher turnover, and negative word-of-mouth, ultimately hurting the firm’s brand and competitiveness.

Moreover, regulatory bodies are increasingly focusing on dark patterns under consumer protection laws. Companies that continue to use these practices could face fines, legal actions, and damage to reputation, which could threaten market position.

Ethical design

Addressing this needs collective effort from stakeholders. Businesses need to adopt a user-first approach by regularly reviewing and improving interfaces to remove the patterns. This focus on transparency ensures clients can easily understand and use services with clear information on subscription terms, easy options to opt out and candid instructions for cancelling services.

Educating designers and developers on ethical design practices is essential for responsible innovation. By incorporating ethics into design training and professional development, we can ensure designers consider the broader impact of the work. This approach encourages the creation of interfaces that are clear and functional.

Regulators are essential in safeguarding consumers by establishing and enforcing guidelines that promote ethical design such as mandatory disclosures, penalties for non-compliance, and regular audits. User advocacy groups complement the efforts by educating consumers about their rights, helping identify and report dark patterns and collaborating with businesses to uphold best practices. Technological solutions like browser extensions and plug-ins further empower users by detecting and warning against potential dark patterns, thereby increasing consumer awareness and confidence in safely navigating digital platforms.

Conclusion

In India’s rapidly expanding e-commerce landscape, the practices undermine consumer trust and pose significant risks to the sector. Globally, regulatory bodies are acting against such practices.

India’s initiatives, including the Consumer Protection (E-commerce) Rules, 2020, and new guidelines are crucial steps in protecting consumers from unfair practices.

By enforcing strict regulations and promoting ethical design, India is positioning itself as a global leader in fostering fair digital practices.

(The writer is Partner, Grant Thornton Bharat)



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‘WhatsApp Payments not looking to compete as a fintech firm’ 

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WhatsApp Payments, Meta’s payment aggregator feature on the messaging app, is not looking to make it as a separate business, but wants it to be more of an enabler for WhatsApp Business, Ravi Garg, Director, Business Messaging, Meta India told The Hindu.

Speaking on the sidelines of the first WhatsApp Business Summit 2024 here on Thursday, Mr. Garg said that the payments aggregator should be seen as a different player in the market and was not to be compared with Phone Pe and the likes. “We are not looking at becoming a financial institution or fintech. Digital business is the strategy where we are enabling small businesses in large businesses and payment is one of the features we have,” he added.

His remarks assume significance as the company’s payment feature has not been able to increase its presence in a market dominated by Phone Pe, Google Pay and Paytm.

During the event, WhatsApp Business unveiled Meta-verfied badges for all small businesses in India beginning September 12 at a cost of ₹639 per month for a standard verification badge in India. This would involve verification of the businesses to avoid scams. In addition, the company also announced ‘WhatsApp Bharat Yatra’, an initiative to skill small businesses in tier 2 and tier 3 cities. WhatsApp Business also introduced customised messages feature to enable better reach for small business owners dependent on messaging apps.

“These features and programmes, which we are announcing today, demonstrate our commitment to helping businesses maximise their value per dollar while providing exceptional customer experiences on WhatsApp,” Sandhya Devanathan, VP, Meta in India, said in a statement.

Correction: The designation of Mr. Garg was corrected post publication.



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Ford Motor Company to re-enter Tamil Nadu

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Tamil Nadu Chief Minister M.K. Stalin during a discussion with executives from Ford Motors in the United States earlier this week

Tamil Nadu Chief Minister M.K. Stalin during a discussion with executives from Ford Motors in the United States earlier this week
| Photo Credit: X/@mkstalin

In a much-awaited move, the Ford Motor Company has expressed interest to restart manufacturing in Tamil Nadu. The company has submitted a Letter of Intent (LOI) to the State government, outlining its intention to utilise the Chennai plant for manufacturing vehicles for export.

The announcement follows a meeting between the Ford leadership team and Tamil Nadu Chief Minister M.K. Stalin during his visit to the United States. The strategic move will see the facility repurposed to focus on manufacturing for global markets, as part of the company’s ambitious “Ford+ growth plan”. The company said that further information about the nature of manufacturing and other details will be disclosed in due course.

Nearly three years ago, the American major had announced that it would cease vehicle production in India.

Kay Hart, president, Ford International Markets Group in a Linkedin post on Friday wrote: “I am pleased to share that today we are announcing that we have submitted a Letter of Intent (LOI) to the Government of Tamil Nadu in India, outlining Ford’s intention to utilize our Chennai plant for manufacturing for export.”

She further wrote that the decision follows multiple meetings with the Tamil Nadu government, including one last week with Mr. Stalin during his visit to the United States. “We appreciate their ongoing support as we have explored different options for the plant. This step underscores our ongoing commitment to India as we intend to leverage the manufacturing expertise available in Tamil Nadu to serve new global markets.”

Ms. Hart also said: “For right now, I’m excited that this decision will add to our growing employee base in Chennai; our global Ford Business Solutions team based there is already more than 12,000 strong and we are planning to increase that by another 2,500 to 3,000 team members in the next few years. When you add that with our engine manufacturing team in Sanand and our ongoing customer and dealer support team, India is Ford’s second-largest employee base worldwide.”

Earlier this week, Mr. Stalin after meeting the Ford team in the United States, posted on X: “Had a very engaging discussion with the team from Ford Motors. Explored the feasibility of renewing Ford’s three decade partnership with Tamil Nadu, to again make in Tamil Nadu for the world.”



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HDFC Bank to divest holding HDFC Edu

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HDFC Bank. File

HDFC Bank. File
| Photo Credit: Reuters

The Board HDFC Bank on Thursday approved sale of 100% stake in HDFC Edu to Vama Sundari Investments (Delhi) Private Ltd., an HCL Group Company.


Also Read: NSDL gets Sebi nod to float IPO; NSE, HDFC Bank, SBI to pare stakes

V.S. Rangan, Executive Director, HDFC Bank, said, “This divestment has been necessitated due to regulatory requirements for HDFC Bank. The divestment of HDFC Edu went through a long, comprehensive process involving scrutiny of potential acquirers based on a set of eligibility criteria such as financial health, relevant experience and alignment with the core educational values cultivated over the past decade by HDFC Edu.” 

“We are confident that HCL Group will uphold the exceptional standards of services that HDFC Edu has been providing to the HDFC Schools, providing a nurturing and academically rigorous environment for the students,” he added.


Also Read: Q2: HDFC Bank records loan growth of 7% while deposits rise 15.4%

HDFC Edu was established to make an impact on school systems nationwide through its professional services and support. 



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Telcos monthly average revenue per user climbs 8% to ₹157.45 in Jun quarter: TRAI

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In signs of improving financial metrics of telecom firms, the monthly average revenue for mobile services rose over 8% year-on-year to ₹157.45 per user in the quarter ended June 2024, according to a Telecom Regulatory Authority of India (TRAI) report.

The monthly average revenue per user (ARPU) for wireless service stood at ₹153.54 in the January-March period, thus translating into a 2.55% sequential increase. In its quarterly performance indicator report, TRAI said the Adjusted Gross Revenue (AGR) of the telecom service sector for the reporting quarter increased by 0.13% on a quarterly basis to ₹70,555 crore. On a year-on-year basis, AGR grew by 7.51 per cent.

Telephone subscribers increase

The number of telephone subscribers in India increased to 1,205.64 million against 1,199.28 million in the previous quarter, registering a growth of 0.53%. Wireline subscriptions came in at 35.11 million, an uptick of 15.81% on an annual basis.

With a net rise of 5.04 million subscribers during the quarter, the total wireless subscriber base increased 0.43% quarter-on-quarter to 1,170.53 million at the end of June 2024 from 1,165.49 million at the end of March 2024. The wireless subscriptions grew 2.36% year-on-year.

Wireline tele density increased from 2.41% at the end of March 2024 to 2.50% at the end of June 2024. Wireless tele density rose 0.21% quarter-on-quarter to 83.45% at the end of June 2024 compared to 83.27%. The overall tele density in India increased to 85.95% quarter-on-quarter from 85.69%.

Internet subscribers increase

While rural tele density advanced to 59.65% in June against 59.19% in March, urban teledensity declined from 133.72% to 133.46%. The total number of internet subscribers grew 1.59% quarter-on-quarter to 969.60 million as of June 2024. The internet subscriber base includes 28.85 million narrowband subscribers and 940.75 million broadband users.

Reliance Jio witnessed the highest 9.18% increase in subscriber base to 489.72 million. Bharti Airtel’s user base rose 4.42% to 398.07 million. Troubled telco Vodafone Idea’s subscription declined by 5.30% to 218.12 million.

State-owned BSNL and MTNL saw a drop of 13.16% and 4.88% in subscriber base, respectively.



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Durga Puja festivities get under way in BHEL township

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Durga Puja festivities began on Wednesday at the township of Bharat Heavy Electricals Limited (BHEL) in Kailasapuram, with a host of cultural programmes as part of the packed schedule of events.

Organised by the Bengali Association, the Durga Puja has been an important part of the social calendar for many years.

A specially commissioned idol of Goddess Durga from Coimbatore was installed on Tuesday night at a hall in Kailasapuram Club for the festival.

The BHEL programme draws visitors not just from the Bengali communities within the township, but also North Indian residents in and around Tiruchi and Thanjavur.

Besides Chennai, Bengali community members in Tiruchi and Madurai are known to organise Durga Puja annually. North Indian professionals in Ponmalai and Ordnance Factory neighbourhoods, as well as students from the educational institutions participate in the festivities

“This year, we have planned to hold the prayers in the mornings. The evenings will feature cultural performances by children and grown-ups. We are expecting over 1,000 devotees on October 11, when the ‘maha prasad’ will be distributed,” Amit Ray, vice-president, Bengali Association, told The Hindu. The festival will conclude on October 13 with the immersion of the idol in the Cauvery river at a designated spot on the Kallanai dam.



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Three major projects, including new building with modern facilities for bus stand, set for implementation in Pudukottai

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Three major projects are set for implementation in Pudukottai Corporation limits at a total cost of₹ 145. 55 crore.

Construction of a building for the new bus stand, underground drainage system to cover seven wards and round-the-clock drinking water supply to five wards are the three projects for which the foundation stone was laid by the Municipal Administration Minister K.N. Nehru at a function held on the Pudukottai Corporation office premises on Wednesday in the presence of Law Minister S. Regupathy, Collector M. Aruna and other officials. 

The underground drainage system is to be laid under the Amrit 2.0 scheme in wards 1,2,3,4,40,41 and 42 providing connections to as many as 8,101 houses benefiting 30,500 people at a cost of ₹ 101.34 crore.

The round-the-clock drinking water supply will be provided on all seven days without any interruptions to wards 38, 39,40,41 and 42. A total number of 3,850 new drinking water connections are to be provided under this project which will benefit 22,000 people.  This project is to be executed at a cost of ₹ 25.31 crore.

Construction of a building with modern facilities for the new bus stand will be executed at a cost of ₹ 18.90 crore to replace the 45-year-old existing building. This project will be executed under the Kalaignar Urban Development Scheme.

Speaking on the occasion, Mr. Nehru said Pudukottai along with Namakkal, Tiruvannamalai and Karaikal had been upgraded into Corporations. Mr. Nehru said Chief Minister had given instructions to improve facilities in bigger districts and places which attracted tourists and devotees in large numbers.

He said the Chief Minister had constituted a committee, comprising IAS officials, to examine which municipalities and town panchayats could be upgraded, bifurcation of panchayats with higher population and increasing the number of panchayat unions. The committee is expected to submit its report in a month, he said adding that views and suggestions of the general public would be obtained.



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Airtel customers to get alerts on spam calls and messages free of cost

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In a major relief for the nearly 30 million mobile users of Airtel who receive several spam calls and short messaging services (SMS) daily, the company has come out with a spam detection technology.

The artificial intelligence-powered spam detection system was soft launched by Airtel a fortnight ago and has helped in successfully identifying 112 million potential spam calls and 3 million SMS messages in the State. 

Tarun Virmani, Chief Executive Officer (Tamil Nadu) of Bharti Airtel, addressing a media gathering in the city on Wednesday, said the spam detection system developed in-house using AI technology by the data analysts would be available to all their mobile customers of the State free of cost, without the need for choosing additional services or downloading any app. 

Mr. Virmani said unlike with other mobile operators where customers had to download some apps to protect themselves from spam calls, Airtel with the commitment to provide safety and security to its customers, has come out with this technology, where spam calls and messages would be identified and even notified to the gullible customers as ‘Suspected Spam,’ to help them avoid falling victim to any online or mobile scams. 

The network powered by a state-of-the-art AI algorithm analyses various parameters, such as the caller or sender’s usage patterns, call/SMS frequency and call duration amongst several others, on a real-time basis to provide a dual-layered protection system. In the dual-layered protection system, every call and message passes through the AI shield and it has the capacity to process 1.5 billion messages and 2.5 billion calls within two milliseconds. 



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Chennai Metrowater will hold grievance redressal meetings on October 19 in the city

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Chennai Metrowater will hold its monthly grievance redressal meetings across the city on October 19, instead of the usual second week of the month. The meetings will be held in all area offices between 10 a.m. and 1 p.m.

A press release said the meeting has been postponed due to the government holiday on October 12. The water agency normally holds such meetings in its area offices on the second Saturday of every month.

Superintending engineers have been asked to supervise the meetings. Residents may register their complaints related to water supply and sewage disposal and also on water, sewer tax and charges. They may also get updated on the status of pending water, sewer connections.



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Sensex scales mount 83K, Nifty at lifetime high on rally in blue-chip stocksDark patterns pose a growing concern in India’s digital landscape‘WhatsApp Payments not looking to compete as a fintech firm’ Ford Motor Company to re-enter Tamil NaduHDFC Bank to divest holding HDFC EduTelcos monthly average revenue per user climbs 8% to ₹157.45 in Jun quarter: TRAIDurga Puja festivities get under way in BHEL townshipThree major projects, including new building with modern facilities for bus stand, set for implementation in PudukottaiAirtel customers to get alerts on spam calls and messages free of costChennai Metrowater will hold grievance redressal meetings on October 19 in the cityफ्लाइट में बैठे मिला था अमिताभ बच्चन को बड़ा ऑफर, 'हवा' में ही सुनाई गई थी स्क्रिप्ट, पॉपुलर हो गया था स्टाइलPothole-strewn Nagercoil – Kaliyakkavilai stretch has become a nightmare for drivers after duskSpecial trains between Chennai Egmore and Kanniyakumari for festival seasonMangaluru residents ask NHAI to complete land acquisition process for road widening at the earliestStatic price for puffed rice producers in Krishnagiri this puja seasonPostal Dept. extends door delivery of birth and death certificates to nine local bodies in MangaluruEight new buses inducted into service in Erodeअब क्या आईफोन, क्या सैमसंग, अमेज़न सेल में बड़ी कटौती पर मिल रहे हैं ये महंगे वाले स्मार्टफोन, पहली बार मौकाDeath toll in firecracker explosion in Tiruppur rises to fourTNAU students fling seedballs to spruce up green cover in Karamadai forest area