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AI adoption to add $500 bn to India’s GDP by 2025: Nasscom

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The adoption of artificial intelligence (AI) and data utilisation strategy can add $500 billion to India’s GDP by 2025, a new Nasscom report showed on Thursday.

The AI adoption in four key sectors — BFSI, consumer packaged goods (CPG) and retail, healthcare, and industrials/automotive — can contribute 60 per cent of the total $ 500 billion opportunity, according to “AI Adoption Index” Nasscom, EY and Microsoft, EXL and Capgemini.

Though the current rate of AI investments in India is growing at a compound annual growth rate (CAGR) of 30.8 per cent and poised to reach $881 million by 2023, it will still represent just 2.5 per cent of the total global AI investments of $340 billion.

This creates a massive opportunity for Indian enterprises to accelerate investments and adoption of AI to drive equitable growth across sectors.

For India to achieve its $1 trillion GDP goal by FY 2026-2027, it needs to have a strong correlation to the maturity of AI adoption, the report noted.

“The pandemic has made it absolutely time critical for organisations to move from data & technology silos to building specialised AI capabilities at scale across sectors combined with a structured data utilisation strategy,” said Debjani Ghosh, President, Nasscom.

With rapid scaled digitalisation, Indian enterprises have already embarked on their AI journey.

As per the report, 65 per cent of organisations have AI strategy defined either at a functional or enterprise level.

With a burgeoning number of STEM graduates and digital natives, India is one of the biggest talent hubs for AI.

India currently is the second largest global hub in training and hiring AI talent.

“However, rapid growth in AI applications has led to a surge in hiring for AI professionals. While the talent pipeline has grown over the past two years, a rapid jump in talent demand has caused a supply demand gap,” said the report.

As per the findings, 44 per cent of businesses already have a dedicated or a cross-functional AI team structure, while 25 per cent rely fully on outsourcing as their primary source for AI talent.

India’s healthcare market has grown 3 times from $110 billion in 2016 to $372 billion in 2022, driven by increasing investments in cutting-edge healthcare technologies.

The use of AI in improving healthcare systems can potentially generate $25 billion of economic value add for India by 2025, the report noted.

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Sensex – Nifty Open Lower Amid Weak FII Sentiment, Midcap & Smallcap Stocks Lend Market Support

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Key Highlights:

– Sensex fell 171 pts, Nifty down 35 pts; midcaps, smallcaps held strong.

– FIIs sold Rs 3,694 crore worth of stocks; DIIs bought Rs 2,820 crore.

– Nifty’s bearish engulfing pattern suggests continued caution; 25,000 key support.

Mumbai: Indian equity benchmarks Sensex and Nifty began Friday’s session in the red, weighed down by selling pressure in large-cap stocks. At 9:25 am, the Sensex declined by 171 points or 0.21 percent to trade at 82,087, while the Nifty dropped 35 points or 0.14 percent to 25,075.

Heavyweights Drag, Broader Market Holds

Major drag on the indices came from key constituents such as Axis Bank, Bharti Airtel, Kotak Mahindra Bank, and HDFC Bank. Financial stocks, FMCG, and private banking segments were under pressure. However, midcap and smallcap segments outperformed, providing resilience to the overall market.

Gainers on the Sensex included M&M, Tata Steel, Power Grid, L&T, Infosys, and Maruti Suzuki, reflecting strength in sectors like auto, metals, and infra.

Sectoral Picture Mixed

On the sectoral front, gains were recorded in auto, IT, PSU banks, metals, realty, energy, media, infrastructure, and commodities. Meanwhile, financial services, FMCG, and private banking faced losses.

Technical indicators showed bearish signals, with Nifty completing a bearish engulfing candle on Thursday. Analysts highlight 25,000 as a key support and 25,340 as a vital resistance level.

FIIs Remain Net Sellers

Foreign institutional investors (FIIs) continued their selling trend, offloading equities worth Rs 3,694 crore on July 17 — marking the second consecutive session of net selling. Domestic institutional investors (DIIs), however, remained net buyers, purchasing Rs 2,820 crore worth of shares for the ninth straight session.

According to Dr. VK Vijayakumar of Geojit Financial Services, FIIs have shown a clear pattern of selling in July after buying in the previous three months. Without positive triggers, the downtrend could persist.

Global Cues Offer Some Relief

Asian markets traded mostly higher on Friday, with Shanghai, Hong Kong, Bangkok, and Jakarta in the green, although Tokyo and Seoul lagged. The US markets ended positively on Thursday, driven by upbeat investor sentiment.

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Indian Equity Indices Open Flat As Markets Await Fresh Triggers To Break Out Of Consolidation Phase

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Mumbai: The Indian equity indices opened flat on Thursday, as markets looked for new triggers to break out of the consolidation range.

At 9.2 am, c was down 15 points at 82,619 and Nifty was down 2 points at 25,210. Buying was seen in the midcap and smallcap stocks. Nifty midcap 100 index was up 123 points or 0.18 per cent at 59,741 and Nifty smallcap 100 index was up 70 points or 0.37 per cent at 19,210.

On the sectoral front, auto, pharma, FMCG, metal, realty, energy, infra and PSE were major gainers, while IT, PSU bank, financial services and media were major losers.

In the Sensex pack, Sun Pharma, M&M, Trent, Kotak Mahindra, Tata Motors, NTPC, BEL, Titan and Power Grid were major gainers. Tech Mahindra, ICICI Bank, Eternal, Axis Bank, Infosys and HUL were major losers.

According to analysts, an India-US interim trade deal has been discounted by the market, leaving no scope for a sharp rally decisively breaking the range.

“One positive and surprise factor that can trigger a rally is a tariff rate much below 20 per cent, say 15 per cent, which the market has not discounted. So, watch out for developments on the trade and tariff front,” said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

Most Asian stocks traded in a flat-to-low range. Tokyo, Shanghai, Bangkok and Jakarta were trading in the green while Hong Kong and Seoul were in the red.

The US market closed in the green on Wednesday due to positive market sentiment.

On the institutional front, foreign institutional investors (FIIs) continued to reduce exposure in India, selling equities worth Rs 1,858 crore on July 16. In contrast, domestic institutional investors (DIIs) remained consistent buyers for the 8th straight session, infusing Rs 1,223 crore, lending crucial support to the market amid global uncertainties.

The broader trend remains optimistic as long as key support levels are respected, said analysts.

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Tesla Mumbai Showroom Now Open, Bookings For Model Y Begin

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Elon Musk’s Tesla has flagged off its India operations with its first showroom in Mumbai now open. The showroom is located in Mumbai’s premium Bandra Kurla Complex area. It will be showcasing the popular Model Y and Model 3 cars at the venue. Maharashtra CM Devendra Fadnavis arrived at the first Tesla showroom in India, to commemorate the occasion.

The new Mumbai showroom opening marks the entry of Tesla in India, one of the world’s fastest-growing automobile markets. The showroom, at Maker Maxity in BKC, is around 4,000 sq ft large and is said to cost Rs. 35 lakh per month. While customers will be able to book their cars starting today, delivery is said to commence sometime in August. Delivery and registration are only limited to Delhi, Gurugram and Mumbai for now.

The experience centre is located near the Apple flagship store in BKC. Tesla is said to open a showroom isn Delhi as well. While this is a soft launch, the company is expected to do a grand inauguration as well. To book the Model Y or the Model 3, consumers will need to head to the Mumbai experience store.

Musk’s company has imported all the cars fully assembled from China, paying heavy taxes (approximately 70 percent) on the same. The cars are said to be priced starting at around Rs. 40 lakhs in India.

The spotlight will be on the Model Y, which is the most popular variant of Tesla across the world. The SUV is available globally in two variants, Long Range RWD and Long Range AWD (Dual Motor). It claims to offer up to 574 km and goes from 0 to 100 kmph in just 4.6 seconds.

The Model 3, Tesla’s most affordable offering in the Indian market, will also be showcased but is expected to go on sale later in 2025. The top variant of the Model 3 clocks 0 to 100 kmph in 3.1 seconds, has a range of 507 km, and a top speed of 162 kmph.

Tesla India has reportedly leased a 24,500-square-foot space in Mumbai’s Kurla West to set up a service centre, located close to its upcoming showroom in BKC.

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