📉 Bumpy rides

Good morning. The 2024 US presidential campaign has adopted unconventional forums to reach undecided voters. While we might prefer tougher interviews, the reality is that most undecided voters are not likely tuning into hard news TV shows.

So instead, candidates are appearing on podcasts hosted by YouTube pranksters turned wrestlers, as Trump did, or on shows with past episode titles like “How To Be Famous ft. Spencer Pratt,” as Harris did.

In her latest interview with Alex Cooper on Call Her Daddy, Vice President Kamala Harris offered several intriguing insights, but one quote has particularly resonated online: “I don’t think [Sanders] understands that there are a whole lot of women out here who, one, are not aspiring to be humble.”

The statement has since sparked discussion, highlighting Harris's perspective on women's societal expectations—and in turn getting the traction she was seeking.

All that is to say: we have way too many podcasts, and microphones should be made a lot more expensive. If you disagree, please listen to the Full Send Podcast.

- Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

• 📉 Bumpy rides

• 🧑‍💼 Mumbai's new skill development centre

• 🗞️ Bite-sized summaries

  • 🪨 Launching into asteroids

  • 🛴 Ola falls

• 🧑‍🍳 What else is cookin’?

• 🍿 Entertainment, Entertainment, Entertainment

MARKETS

🇮🇳 India

• Stock markets closed significantly lower. The decline was driven by widespread selling across sectors, particularly in FMCG and auto stocks, while IT and PSU banks managed slight gains. Market sentiment remains bearish amid rising crude oil prices and geopolitical tensions in the Middle East.

🌍️ International

• Wall Street stumbled on Monday as investors questioned the Federal Reserve's rate cut plans. Treasury yields hit their highest levels since summer, while oil prices climbed amid Middle East tensions.

MARKETS

📉 Bumpy rides

For avid stock investors, the road ahead could get bumpy.

Here’s why: 

• Overseas fund managers are increasingly adopting bearish positions on Indian equities, signalling expectations that the market will decline. 

• Recent data shows that foreign portfolio investors’ (FPIs) long-short ratio in index futures has dropped from 81% to 58% in just one week. This shift reflects a growing preference for bearish bets over bullish ones.

• The surge in bearish sentiment is largely driven by a rebound in Chinese equities fueled by government stimulus efforts. 

• As a result, many investors are reassessing their exposure to Indian markets. 

• FPIs sold ₹9,897 Cr. worth of shares in the last week alone, bringing their total sales to ₹37,000 Cr over four trading sessions—the highest weekly outflow since June 2022.

Geopolitical tensions, particularly the escalating conflict between Israel and Iran, have also added to concerns, leading foreign investors to reduce long positions. Analysts predict this could drive the Nifty index down another 5% if the trend continues.

FPIs are particularly targeting rate-sensitive sectors like banking and automotive with heavy short positions while maintaining long positions in pharmaceuticals and metals. Stocks such as JSW Steel and Sun Pharmaceuticals are seeing strong long-position build-ups.

Overall: While historically large short positions can precede a market rebound due to short covering, analysts warn that a significant upside in Indian markets is unlikely until FPI selling slows down. The valuation gap between Chinese and Indian markets is also making China a more attractive investment option for many.

With FPIs shifting toward bearish bets amid geopolitical instability and favourable conditions in China, the outlook for the Indian equity market looks challenging.

Read more: Economic Times

INFRASTRUCTURE

🧑‍💼 Mumbai's new skill development centre

In a significant move to boost employment opportunities for Mumbai's youth, Union Minister of Commerce and Industry Piyush Goyal has announced the establishment of a new Skill Development Centre in the city. The initiative, marked by a Memorandum of Understanding (MoU) between the Confederation of Indian Industry (CII) and the National Skill Development Corporation (NSDC), aims to address India's pressing need for skilled talent.

The state-of-the-art facility, will be developed under a Public-Private Partnership (PPP) model with support from CII.

High-level:

• Location: Borivali, Northern Mumbai

• Infrastructure: 50,000 sq. ft. training centre space and 20,000 sq. ft. hostel facility

• Timeline: Expected to be operational within 6-8 months

• Target: Training 100,000 individuals over the next three years

• Sectors: Multiple industry sectors covered

The initiative comes at a critical time when Indian corporates face an acute shortage of skilled talent. This skills gap is especially pronounced in areas such as artificial intelligence, data analytics, cybersecurity, digital marketing, and sustainable technologies. The centre's diverse course offerings, ranging from digital skills and web development to financial technology and business analytics, directly address these industry needs.

Overall: The project demonstrates a coordinated effort between government bodies, industry representatives, and skill development organisations to address India's employment challenges.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

🪨 Launching into asteroids - The European Space Agency's Hera spacecraft, launched by SpaceX, is heading to the asteroid Dimorphos, which was struck by NASA's Dart mission in 2022 to test planetary defence. Hera's two-year mission will assess the impact of the collision and gather data on the asteroid's orbit, mass, and composition to improve future asteroid deflection strategies. Scientists are eager to study the aftermath, including debris left by Dart's impact. The mission aims to inform Earth's protection against hazardous asteroids. Hera will arrive in 2026 and conduct detailed surveys, with the possibility of landing on the asteroid.

🛴 Ola falls - Ola Electric's market capitalization fell below $5 billion for the first time since its August 2024 IPO, driven by declining scooter sales due to service, software, and hardware issues. A public spat between CEO Bhavish Aggarwal and comedian Kunal Kamra over service quality heightened attention on the company's struggles. Ola's stock dropped over 42% from its peak, closing at Rs 90.82. To address customer complaints, Aggarwal announced plans to double service centres by December. Despite this, Ola’s market share in the electric two-wheeler segment fell to 27.9% in September, facing competition from Bajaj, TVS, and Ather Energy.

HEADLINES

🧑‍🍳 What else is cookin’?

What’s happening in India (and around the world 🌍️)

• Snapdeal cofounder Kunal Bahl joins the panel of investors on Shark Tank India, Season 4.

• SaaS firm Whatfix rolls out $58 million buyback programme for employees, and investors.

• RBI, Maldives Monetary Authority ink $400M Currency Swap Agreement; India to provide Rs 30B under INR swap window.

• NCERT to triple-fold publication of textbooks, print 15 crore books this year.

CULTURE

🍿 Entertainment, Entertainment, Entertainment

• Singham Again trailer out: Ajay Devgn, Ranveer Singh, Deepika Padukone, Akshay Kumar vs Arjun Kapoor.

• Bigg Boss Tamil season 8: all you need to know about contestants.

• Fawad Khan’s much awaited comeback in Bollywood raises excitement levels with Abir Gulaal first look 🤩 

• Dipa Karmakar, the first Indian woman gymnast to compete in the Olympics and achieve a historic fourth-place finish, announced her retirement.