Welcome to Top of the Morning by Mint, your weekday newscast that brings you five major stories from the world of business. It's Monday, May 13, 2024. My name is Nelson John. Let's get started:

Active investors in Indian equity markets have had a good run: in the last three years, the Sensex has increased by more than 45 percent. Often, the state of the stock markets also reflects the mood of the nation. If the country's economic output is robust, the market trends upwards. As Madan Sabnavis, chief economist at Bank of Baroda, writes, it is often assumed that a rising stock index is indicative of broad confidence in the economy and acts as a foreteller of its performance. But is this really true? Sabnavis argues that broader market trends do not reflect the true picture of Indian commerce or macroeconomic conditions. He compares India's GDP, Nifty, and Nifty companies' profits to make his point. Next time someone says the country is doing great because the stock market hit a new high, you might want to point out that the correlation isn't necessarily true.

Investors opt for mutual funds when they want a more passive experience to investing. If you're bullish on one sector, you can even choose a sector-specific fund like banking, PSUs, and auto stocks. But what if you want to reap the rewards from a more risky instrument like cryptocurrencies? Since January 2020, the Bloomberg Galaxy Crypto Index, which is a collection of some of the top cryptocurrencies, has delivered 500 percent returns. That's where a fund like BitSave comes in. BitSave is a startup that operates a crypto-only fund, and isn't bound by SEBI's regulations as it operates out of Seychelles. We invited Yash Roongta, founder of Alt Investor, to write about this interesting but volatile investment option.

AI this, AI that — it's impossible to escape the all-encompassing artificial intelligence. Sam Altman, CEO of OpenAI, is drumming up hype for GPT-5. Some believe that along with GPT-5, OpenAI is also set to launch a search engine that would go toe-to-toe with Google. ChatGPT has also been licensed to a variety of businesses, and makes a lot of money from it. But as Leslie D'Monte writes, companies would do well to hedge their AI bets. Despite the hype for GPT-5, it might turn out to be a dud — that's where the competitors come in.

If you've made international summer vacation plans, I must commend your patience. It's incredibly difficult to get a visa to the US or Europe these days. Appointments for the Schengen visa are months away, and you're not certain to get them either. Spurned by Europe, Indians are now looking at other destinations, writes Varuni Khosla. Varuni spoke with travel agents who are curating trips for holidays to places such as South Korea and Japan. Closer home, countries like Sri Lanka, Vietnam and Thailand are attractive destinations too, especially after they started providing visa on arrival for Indians. Europe's loss is India's gain, and Indians are cashing in.

India is now a chess-playing nation. Much of the credit must be given to Vishvanathan Anand, India's first, and for a long time, only chess grandmaster. India now has 84 grandmasters. The latest Indian chess star is Gukesh Dommaraju, a 17-year-old prodigy who became a grandmaster at the tender age of 12. Gukesh now enjoys fame and celebration usually reserved for India's cricket heroes. We invited Deepti Patwardhan, noted sportswriter, to take a deep dive into the history and moves that made Indians in chess a force to be reckoned with. 

We'd love to hear your feedback on this podcast. Let us know by writing to us at [email protected]. You may send us feedback, tips or anything that you feel we should be covering from your vantage point in the world of business and finance.

Stock market indices say little about economic growth 

The curious case of India’s first crypto mutual fund 

Why buzz over search engine may help big tech

Spurned by Schengen, Indians are being swayed by the lure of liberal visas 

Gukesh D and the rise of Indian chess

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