BSE Sensex Today Plunges After Clocking All-Time High, NSE NIFTY Falls Sharply, Hinduja Group To Begin Bidding Process for Jet, Jet Airways Share Price Rises and Other Top Business News of the Day

Sensex and Nifty plunge after clocking record high gains on Monday. Hinduja Group to begin bidding process for Jet Airways this week. Reliance Retail's upcoming entry into online retail sector to pose the biggest challenge for Amazon and Walmart-Flipkart. Database containing contact information of millions of Instagram influencers, celebrities and brand accounts exposed. No major European bank that introduced negative rates during the debt crisis has turned main policy rates positive again. The US government 'underestimates' its strength, as per Huawei founder Ren Zhengfei.

 

Moving on to the top Business news of the day.

 

 

 MARKETS 

Sensex and Nifty plunge after clocking record high gains on Monday.
 

Reversing Gains: Indian markets fell sharply today, reversing gains that had pushed key indexes to a record high yesterday.
 

BSE Sensex today ended 383 points lower at 38,969, after clocking a new high of 39,571 earlier during the day. Nifty ended 1% lower at 11,709, after it had hit a new high of 11,883.
 

Banking stocks led the decline with Bank Nifty index falling 1.5%. IndusInd Bank, PNB, SBI, Yes Bank and ICICI Bank fell between 1.5% and 3%.
 

Recap: On Monday, Sensex and Nifty saw their biggest single-day gain in 10 years after exit polls predicted a landslide victory for the Narendra Modi led NDA government.
 

Not All Roses: Amidst all the euphoria, analysts are worried about the continuous earnings downgrades, cautious management commentaries and weakening macro data, which indicate a slump in the Indian economy. A deep dive into the matter here

 

 

 JET 

 
Hinduja Group to begin bidding process for Jet Airways this week.
 
 
Start Afresh: The Hinduja Group will start the process of bidding for Jet Airways this week, having obtained the assent of key stakeholders in the grounded airline including founder Naresh Goyal and Etihad Airways. 
 
 
To facilitate the due diligence process, the Group has engaged investment bankers led by SBI Capital Markets. 
 
 
Final Attempt: As per reports, this could possibly be the last attempt by SBI to rescue the grounded airline. If the talk fails this week, it could be curtains for the airline which stopped operations from April 17 due to shortage of funds
 
 
Rebound: Jet Airways share price spikes more than 16% on back of the news before closing at INR148.40 (+12.94%).
 
 
 
 STORIES 
 
Upcoming entry of Reliance Retail into online retail sector to pose the biggest challenge for Amazon and Walmart-Flipkart.
 
 
Biggest Challenger in Town: Reliance Retail, currently operates 10,415 stores in more than 6,600 cities, with 500 million annual footfalls. With its plans to venture into the online retail sector, Reliance Retail is likely to pose the biggest challenge for Amazon and Walmart-Flipkart.
 
 
Moreover, considering Reliance's history of launching operations via massive discounts, it is more likely than not set to disrupt the online retail market in India which is set to grow at a five-year CAGR of 25.8% to reach $85bn by 2023, as per a report by global market research firm Forrester.
 
 
As per the same report, due to the recent changes in e-commerce policy and the restrictions on an inventory-led model for market places with FDI, Reliance Retail is finding a favorable policy environment to launch operations where it can use its existing retail infrastructure to deliver goods to customers.
 
 
Lessons From the Best: Binny Bansal and Sachin Bansal had a very successful 2018. In May of last year, the 37-year-old entrepreneurs in the largest e-commerce acquisition in history, sold a majority stake in their Indian shopping site, Flipkart, to US retail giant Walmart for a record-breaking $16bn, valuing the business at $22bn and amassing the two friends an estimated net worth of $1bn each.
 
 
Here are three important attributes that set the young founders apart from the others. 

 

 

 TECH 

 
Database containing contact information of millions of Instagram influencers, celebrities and brand accounts exposed.
 
 
Exposé: A database, hosted by Amazon Web Services, with over 49 million records of Instagram influencers, celebrities and brand accounts was left exposed without a password, accessible to anyone.
 
 
Each record reportedly contained public data scraped from influencer Instagram accounts, including their bio, profile picture, the number of followers they have, if they’re verified and their location by city and country, but also contained their private contact information, such as the Instagram account owner’s email address and phone number. 
 
 
Return of Tik Tok: Three weeks ago, TikTok began a campaign on its platform called #ReturnOfTikTok. The Madras High Court's, 20-day download ban on ByteDance’s short video app had just come to an end and it was keen to show its gratitude to millions of Indian daily users.
 
 
The hashtag caught on, with its videos garnering nearly 967.6 million views. Here’s decoding ByteDance's India gameplan.

 

 

 INTERNATIONAL 

 

No major European bank that introduced negative rates during the debt crisis has turned main policy rates positive again. The US government 'underestimates' its strength, as per Huawei founder Ren Zhengfei.

 
No Turning Back: For five years, European nations have been trying to jump-start their ailing economies with what was supposed to be a radical, short-term remedy—negative interest rates.
 
 
Instead, Central Banks haven’t been able to wean their economies off them. Increasingly, they appear to be a permanent feature of the landscape. No major bank that introduced negative rates during Europe’s debt crisis has turned main policy rates positive again, which in effect distorts economies and leaves little ammunition to cushion a downturn. A deep dive into the issue here.
 
 
Cat Fight: The Trump administration last week escalated its battle against Huawei Technologies with a pair of actions that threatens to both cut the Chinese telecommunications giant off from American suppliers and ban it from doing business in the US.
 
 
US President Donald Trump signed an executive order that enables the US to ban telecommunications network gear and services from “foreign adversaries.”
 
 
You Underestimate Us: Huawei founder Ren Zhengfei, however, has remained defiant towards US moves against his company, saying the US "underestimates" its abilities.
 
 
Bonus: Former White House chief strategist Steve Bannon has been accused of interfering in Europe’s parliamentary elections taking place this week. One of the leaders he has backed is Marine Le Pen, head of France’s far-right National Rally party (formerly known as the National Front) who will be going head-to-head with French President Emmanuel Macron’s La Republique En Marche party. While Bannon denied he is playing any role in Le Pen’s campaign and said he was in France merely “as an observer”, presence in Paris has nonetheless caused alarm among Macron’s party and the government. Read this article to know why. 
 

 

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