Stake to secure naming rights to Sauber’s F1 Team According to Cointelegraph, Stake, a cryptocurrency betting and casino platform, is expected to feature in the next two years of Formula 1 after securing naming rights to Sauber’s F1 car. The firm is expected to take over from Alfa Romeo, which did not extend its sponsorship of Sauber’s C44 past 2023. It is believed that Sauber will be rebranded as Audi’s factory team in 2026. This is expected to provide about a two-year gap for other sponsors to step in on an interim basis, Cointelegraph added. Sources revealed that Formula 1 has attracted several cryptocurrency exchanges and businesses in recent years. Furthermore, various companies wanted to explore the sport’s global fan base through advertising and sponsorship deals, Cointelegraph concluded. (With insights from Cointelegraph) Follow us on Twitter, Facebook, LinkedIn
However, he believes that the impact on the Indian market is going to be temporary since there could be some short-term impact on flows into Indian equity markets. But since the Indian economy is on a strong wicket and will continue to remain resilient.
“Improved fiscal situation, controlled current deficit, stable interest scenario combined with good corporate earnings should lead to limited impact on the Indian bond market and equity market too,” he added.
The midcap and smallcap indices took a bigger knock with the BSE MidCap fell 2.51%, while BSE SmallCap index dived 4.18%. According to Amnish Aggarwal, head, research, Prabhudas Lilladher, the valuations were already high and some correction was expected. “If the situation sustains as it is then further correction can’t be ruled out,” Aggarwal said.
Telecommunication and industrials indices were the top laggards with BSE Telecommunication declining 3.82%, followed by BSE Industrials falling 3.26%. JSW Steel (-2.99%), Tata Steel (-2.52%) and Tata Consultancy Services (-2.44%) were the top losers of Sensex.
Surprisingly, both foreign portfolio investors and domestic institutional investors were net buyers today. While, FPIs net bought shares worth Rs 252.25 crore, DIIs have purchased shares worth Rs 1,111.84 crore, as per provisional data from exchanges.
Calling this a “normal phenomena” Pankaj Pandey, head, research, ICICI Direct said, “I will not really give too much weight to a single day buying figure. Amid concerns of elevated interest rate and geopolitical tensions, in a typical market cycle, 8-10% correction is possible at any point in time.”
The brunt of geopolitical conflict, elevated interest rates and rising crude oil prices was also felt by other Asian- Pacific markets. Jakarta Composite Index lost 1.57% followed by Shanghai Composite Index and PSEi, which fell 1.47% and 0.89%, respectively. Nikkei and KOSPI declined 0.83% and 0.76%.