Week 57

Choppy 🚤

June 24, 2023

Good Morning,

Welcome! I hope you have your “Subah Kee Chai” ready and are excited to read your weekly 10-minute digest.

This week saw our Prime Minister Narendra Modi visit the United States of America, a significant turn of events in the Russian conflict, and the sad demise of 5 individuals who pushed the limits of nature to explore the sunken Titanic.

Just a reminder, don't forget to close your windows! The forecast indicates heavy rainfall over the next few days, and I'm sure you wouldn't want a mini flood in your house.

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I hope you enjoy today's newsletter and have an amazing Sunday!

Now let’s get into the news.

Markets

Market News

Friday's trading session witnessed a significant downturn in domestic indices as they dipped into the red. The NSE Nifty 50 experienced a decline of 105.75 points or 0.56%, settling at 18,665.50. Similarly, the BSE Sensex also suffered a setback, plummeting by 259.52 points or 0.41% to reach 62,979.37.Notably, various sectoral indices faced negative trends, with Bank Nifty declining by 101.95 points or 0.23% to 43,622.90. Nifty Auto took a tumble of 1.03%, Nifty IT experienced a decline of 0.89%, Nifty Metal witnessed a plunge of 2.48%, and Nifty PSU Bank declined by 1.18%. Among the top gainers on Nifty 50 were IndusInd Bank, Dr Reddy's Laboratories, Asian Paints, Bharti Airtel, and NTPC. Conversely, the losers included Adani Enterprises, Adani Ports, BPCL, Hindalco, and Divis Laboratories.

The most active NSE stocks were Adani Enterprises, HAL, HDFC Bank, Adani Ports, HDFC, ICICIC Bank, Infosys, Reliance Industries (RIL), Shriram Finance, and State Bank of India.

Russian coup d'état

Amid the ongoing conflict in Ukraine, Yevgeny Prigozhin, the outspoken leader of the paramilitary Wagner group, has once again made headlines, shedding light on the power struggle within Russia's military leadership. In a recent rant, Prigozhin openly criticized Russian commanders, labelling them as "stupid" and accusing them of issuing "criminal orders." His provocative remarks have raised doubts about the military's ability to defend Russian territory effectively.

Expressing frustration over the delayed delivery of ammunition, Prigozhin went so far as to film himself alongside the bodies of Wagner fighters, directing his anger towards Russia's defence minister, Sergei Shoigu, and the chief of the general staff, Valery Gerasimov. These actions have further highlighted the internal tensions and challenge Russia's military leadership faced.The ongoing conflict between the Wagner group and Russia's military has taken on the characteristics of a dramatic soap opera, captivating a global audience. In the latest development, an article published in the Washington Post this week claimed that Prigozhin allegedly established contact with Ukrainian military intelligence on multiple occasions.

This revelation adds another intriguing layer to the complex dynamics of the conflict, suggesting that Prigozhin may have engaged in clandestine communications with a key adversary. The article in the Washington Post underscores the high stakes and shadowy manoeuvres that have come to define this power struggle. As the story unfolds, the world watches with heightened curiosity and intrigue.

Word of the week!

Well, Well, look who's back for more. The word for this week is:

Indomitable

"in-DAH-muh-tuh-bul"

Indomitable is a formal word used to describe something that is impossible to defeat or discourage.

Her spirit remained indomitable even in the face of tremendous adversity.

Modi - US Summary

With our Prime Minister visiting the States for an action-packed three days, you're probably wondering what exactly went down on this historic trip. Although all the stories cannot possibly be mentioned, here's all you need to know about Modi Ji's trip.Prime Minister Narendra Modi concluded the initial two days of his inaugural state visit to the United States with a private meeting at the White House alongside President Joe Biden and First Lady Jill Biden. Preceding the dinner and an exchange of gifts with the Bidens, Modi participated in a workshop focused on skilling and capacity-building held at the National Science Foundation. Additionally, he led a session commemorating International Yoga Day at the United Nations Headquarters in New York City.

During the final day of Prime Minister Narendra Modi's visit to the United States, he attended a State luncheon hosted by Vice President Kamala Harris and Secretary of State Antony Blinken. PM Modi expressed gratitude for the invitation and toasted the strong India-US ties. He also engaged in a "Hi-tech Handshake" program with top tech CEOs, fostering collaboration and exploring technological advancements. Concluding his visit, Modi addressed the Indian diaspora in Washington, D.C., before departing for Egypt.

Sundar Pichai, CEO of Alphabet (Google's parent company), and Andrew Jassy, CEO of Amazon, unveiled significant investment plans for India's digital landscape. These investments highlight the growing importance of India as a market and hub for technological advancements. Elon Musk told Modi that Tesla is coming to India 'as soon as possible".

Titanic Submarine!

The Remote controlled submarine has taken over the internet, here's what went down three days earlier (no pun intended).

In a tragic turn of events, the

Titan submersible

, operated by OceanGate Expeditions, has suffered an implosion in the depths of the Atlantic Ocean. The submersible embarked on an ambitious expedition on 18 June, aiming to explore the renowned wreckage of the sunken Titanic near Newfoundland. Sadly, just two hours into the mission, all communication was lost.

Among the passengers onboard were a prominent Titanic expert, an adventurer holding world records, two individuals from a wealthy Pakistani family, and the CEO of the company. Responding to the distress call, the US Coast Guard collaborated with deep-sea water experts from Canada, the UK, and France in a desperate search operation. Regrettably, the US Coast Guard recently confirmed the absence of survivors following the catastrophic implosion that occurred in the remote reaches of the North Atlantic.