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The US dollar inched higher while the UK pound was near a 14-month peak as investors analysed decisions made by central banks globally to combat high inflation. While the European Central Bank signalled it may raise rates again, the US Federal Reserve did not which caused the Dollar Index to slide to its largest weekly fall since January, remaining close to a one-month low of 102.00, its biggest fall since January. Bank of England decisions, expected this week, are crucial as the bank attempts to tackle inflation running at over four times its target.

Abrdn Investment Management, formerly known as Standard Life, plans to sell its entire 10.2% stake in HDFC Asset Management Company in an open market transaction. The sale of 2.18 crore shares will be priced between Rs 1,800 and Rs 1,892.45 per unit, with an expected value of Rs 3,920 crore.

Indian retail investors and wealthy citizens largely stay away from investing in startups, resulting in heavy dependence on foreign venture capitalists and big investment houses. CEO of Zerodha, Nithin Kamath, suggests incentivising them with tax relief and capital gains exemption for startup investments, similar to the UK, to utilise local wealth stuck in fixed assets. Kamath believes wealth creation must be captured by a vast number of Indians to spread wealth inclusively and not just the elite, which can only happen when retail investors move assets to back Indian entrepreneurs.

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NSE International Exchange (NSE IX) will start trading the Gift Nifty derivative contracts on July 3, which is accessible for almost 21 hours across Asia, Europe, and US trading hours. Gift Nifty offers foreign investors a single pool of liquidity and venue to access dollar-denominated Nifty derivatives at NSE IX regulated by the International Financial Services Center Authority (IFSCA). Initially, participants can access Gift Nifty 50, Gift Nifty Bank, Gift Nifty Financial Services and Gift Nifty IT derivative contracts, and later, other indices will be unveiled under the Gift Nifty suite.

Private equity firm TPG Investments sold all its shares in Shriram Finance through its Indian arm, TPG India Investments, which amounted to 2.64% of the company. The sale reportedly earned the PE firm INR13.89bn ($185.84m). Shriram Finance, offering consumer services such as automobile, commercial vehicle, business and gold loans, is majority public-owned with 74.49% stake, the rest being owned by promoters, and has performed well this year.

Shares of Adani Enterprises, along with other Adani Group companies, have ended the day in the negative territory. The sharp fall in Adani Enterprises stocks of over 6% was backed by high volumes, making investors poorer by $1.4 billion. The fall in trading saw the stock snap a two-day winning streak, following a roller coaster ride in the last 3-4 months

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The dollar index recovered from a five-week low and is trading at 101.96, up 0.12 per cent against its previous close, which also weighed on gold prices, Gandhi said.

The IIFL Securities issue is dated back to 2014 when SEBI conducted an inspection of the book of accounts to check if they were compliant with the regulations.