Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Friday, January 3, 2024. This is Nelson John, let's get started.

The Indian stock market experienced significant volatility in 2024, with the Nifty 50 plunging nearly 11% from its September peak amid heavy foreign investor selling and a weakening rupee. Mayur Bhalerao notes that over 25% of stocks are trading below their peak values, presenting potential buying opportunities. However, elevated valuations, particularly in the mid-cap and small-cap segments, continue to be a concern.

The government has approved a revamped crop insurance scheme with a financial outlay of ₹69,516 crore for the next financial year. Additionally, ₹825 crore has been allocated to accelerate the adoption of technology in farming. Sayantan Bera reports that part of this fund will support satellite-based crop yield assessments and a network of automatic weather stations. However, challenges remain, including delays in claim settlements and limited state participation. With 87% of India’s districts vulnerable to drought and substantial weather-related economic losses, this scheme is crucial for safeguarding farmers' livelihoods.

Traditionally, angel investing—small investments in startups—was dominated by founders of established startups. However, the landscape is shifting as sports stars like MS Dhoni and PV Sindhu enter the early-stage funding scene. Mansi Verma reports that while overall angel funding fell to $213.5 million from $441.1 million and the number of funding rounds halved, over 1,000 first-time angels joined the fray last year. Government-backed incubators are also emerging as key players, creating a diverse and evolving pool of investors.

Despite the growing popularity of SUVs, hatchbacks continue to hold a special place in the hearts of Indian car buyers. Maruti Suzuki India reported an impressive 29% year-on-year growth in small car sales for December. With small cars making up half of its portfolio, this uptick is a significant boost for the market leader. Manish Joshi notes that while overall sales remained flat, a 4% price hike is expected to drive profit growth. Additionally, Maruti’s valuation appears reasonable at 22 times its annual earnings, he adds.

2024 wasn't a great year for Bollywood. Established stars like Alia Bhatt, Ajay Devgn, and Akshay Kumar ventured into experimental films that did not work. Lata Jha writes that while such films can enhance an actor's versatility, they also risk alienating wider audiences. For example, Jigra had a budget over ₹80 crore but earned only ₹30.7 crore. Despite the niche focus, stars maintained their high fee structures. That ultimately resulted in costly projects that often underperformed. 

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