Market Snapshot USD/INR ₹91.71 +0.8% Nifty 50 Index 25,157.50 -0.3% India 10-Year Bond Yield 6.65% -0.02 Spot Gold ($/oz) $4,779.88 -1.1% S&P 500 Futures 6,930.50 +0.3% Market data as of 08:13 AM IST, Jan. 22, 2026. Data is subject to provider delays. Good morning... I’m Ashutosh Joshi in Mumbai, bringing you the latest on Indian equities. Traders in Mumbai are hoping to catch a break from the pai...
Market Snapshot USD/INR ₹91.71 +0.8% Nifty 50 Index 25,157.50 -0.3% India 10-Year Bond Yield 6.65% -0.02 Spot Gold ($/oz) $4,779.88 -1.1% S&P 500 Futures 6,930.50 +0.3% Market data as of 08:13 AM IST, Jan. 22, 2026. Data is subject to provider delays. Good morning... I’m Ashutosh Joshi in Mumbai, bringing you the latest on Indian equities. Traders in Mumbai are hoping to catch a break from the pain trade that’s seen the Nifty 50 drop to a three-month low and the rupee slump to yet another record against the dollar. The positive mood in Asia early on Thursday could help, with regional shares trading higher after US President Donald Trump said he would refrain from imposing tariffs on goods from European nations. He also struck a friendly tone toward India, praising Prime Minister Narendra Modi after his speech at the World Economic Forum in Davos and saying that India and the US would go on to strike a good trade deal. Still, foreign flows are crucial for a sustainable turnaround (more on that below) in Indian stocks. Focus Thursday will also be on shares of Dr. Reddy’s after the drugmaker’s quarterly profits announced post-market beat estimates. Eternal and HPCL could come under pressure after missing estimates. Aditya Birla Sun Life AMC and developer DLF are among companies reporting their earnings. Here’s what we write about in today’s newsletter: Global risk-off catches India on the back foot The rupee remains under pressure Precious-metals ETFs buck market weakness But first, let’s take a look at foreign positioning. Markets Buzz: Foreigners Are Staying Bearish Global funds’ bearish wagers on India’s $5 trillion stock market have stretched beyond 15 months — a record span — as they navigate challenges including a weak outlook for earnings growth, the absence of artificial intelligence–linked stocks and an elusive US trade deal despite Trump’s comments at Davos. Their positioning in NSE index futures turned bearish in October 2024 — soon after China rolled out st...
Somalia And The High Cost Of Low Trust Authored by Mitzi Perdue via RealClearPolitics , When news broke of the massive child nutrition fraud in Minnesota, many Americans reacted with disbelief. During the pandemic, roughly $250 million intended to feed hungry children was siphoned off , prosecutors say, and spent on luxury cars, real estate, and other indulgences. To most people, it appeared to be...
Somalia And The High Cost Of Low Trust Authored by Mitzi Perdue via RealClearPolitics , When news broke of the massive child nutrition fraud in Minnesota, many Americans reacted with disbelief. During the pandemic, roughly $250 million intended to feed hungry children was siphoned off , prosecutors say, and spent on luxury cars, real estate, and other indulgences. To most people, it appeared to be a shocking betrayal of public trust. To me, it felt unsettlingly familiar. Decades ago, long before Minnesota became synonymous with one of the largest fraud cases in U.S. history, I had an experience in Somalia that permanently altered my perspective on aid, trust, and good intentions. It is why I read the indictments differently, not with surprise so much as recognition. What struck me most about the Minnesota case was not only the scale of the theft but the silence surrounding it. The fraud appears to have operated in plain sight within tightly knit circles, yet few people spoke out. More than 40 years ago, when I was a rice farmer in California, American rice growers learned of famine conditions in Somalia. Competitors set aside their rivalry and donated an entire shipload of rice for humanitarian relief. I later traveled to Somalia, expecting to see that food had reached people on the brink of starvation. It had not. A powerful clan had taken control of the shipment. Once its own members’ needs were met, the remaining rice did not go to feed other Somalis. Instead, it was used to feed animals, while those outside the clan continued to go hungry. At the time, I tried to explain what I had seen by blaming corruption, weak oversight, or a few bad actors. None of those explanations captured the deeper pattern. The behavior made sense only when I began to understand how differently trust and obligation were organized. That realization came rushing back as I read about the Minnesota fraud. According to federal indictments, the stolen money flowed through networks bound by k...