Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Wednesday, November 20, 2024. This is Nelson John, let's get started.

The stock market is down more than 10% from its recent peak. Buying the dip is generally considered a good strategy, and Indian investors have been doing so at every opportunity. Ram Sahgal reports that despite the bearish market, retail investors have bought stocks worth more than ₹33,000 crore. But while buying the dip every time may be tempting, the strategy is more suitable for seasoned investors, especially during times of stubborn inflation, high interest rates, and geopolitical uncertainties, Ram adds. Mutual fund managers are increasingly holding cash, looking to wait out the skittish markets.

While some Indians are reducing their discretionary spending, rich Indians are splurging like there's no tomorrow. Soumya Gupta writes that affluent consumers continue to spend on luxury goods, travel, and lavish weddings. The ever-rising income disparity means that shifts in affluent consumers' spending could significantly affect large, mass-market companies. The likes of Maruti-Suzuki and Hindustan Unilever, for instance, have reported muted demand of late. This is bad news for India's consumer economy, which accounts for half the country's GDP.

State Bank of India, Bank of Baroda, and Punjab National Bank are vying to finance an oil refinery project worth ₹39,000 crore in Tamil Nadu. Shayan Ghosh reports that more than ₹27,000 crore of this will be sourced through loans. Banks are seeking to capitalise on such public sector projects as demand for retail loans is declining.

Puneet Chhatwal, MD and CEO of the Tata Group’s Indian Hotels Company Limited, is a man in a hurry. Since taking over in 2017, Chhatwal has aggressively targeted growth and relied on rapid expansion to achieve this. IHCL stock, meanwhile, has given investors 400% returns in the past five years. So far, so good. But what’s next? Varuni Khosla reports that while the company’s expansion strategy under Chhatwal has received much praise, some have raised questions about its sustainability.

Is coconut oil sold in a 200 ml bottle an edible oil or a cosmetic product? The question may sound silly, but has significant ramifications for the fast-moving consumer goods industry as cosmetic products are taxed at a higher rate than edible oils. The Supreme Court is due to rule on the issue soon, and its decision will set a significant precedent, writes Krishna Yadav.