SGX Nifty is up by 11 points in the early morning trade, indicating a positive opening for Indian stock market.
Asia-Pacific markets rose on Wednesday as investors looked ahead to the US Federal Reserve’s latest update on its rate hike decision, as the central bank attempts to balance its inflation fight and stem a banking crisis. The Japanese Nikkei is up by 1.96 percent. Hong Kong’s Hang Seng is up by 2.32s percent and South Korea’s Kospi is up by 1.12 percent in early morning deals.
Wall Street closed sharply higher on Tuesday as widespread fears over liquidity in the banking sector abated and market participants eyed the Federal Reserve, which is expected to conclude its two-day policy meeting on Wednesday with a 25 basis-point hike to its policy rate. The S&P 500 gained 1.30 percent and Nasdaq Composite added 1.58 percent respectively.
?Tata Power Renewable Energy, a subsidiary of Tata Power, has recently been awarded the prestigious ‘Letter of Award’ (LoA) from the Maharashtra State Electricity Distribution Company (MSEDCL). The LoA is for the establishment of a massive 200 MW solar photovoltaic (PV) project in Solapur, Maharashtra.This marks a significant milestone for the company as it expands its renewable energy portfolio in the country.
?Indian Oil’s Board has recently granted in-principle approval for the execution of pre-project activities for the establishment of the Paradip Petrochemical Complex. This massive project is expected to cost an estimated Rs 61,077 crore and will be set up in Odisha’s Paradip region.
?Power Finance Corporation (PFC) has received approval from its board to raise up to Rs 80,000 crore for the fiscal year 2024 through various financial instruments, including bonds, term loans, and other sources, from both domestic and international markets.
?Tata Motors has announced a price increase of up to 5% on its commercial vehicles, effective from April 1, 2023. The move is aimed at complying with the more stringent BS6 phase II emission norms, which require automobile manufacturers to adopt cleaner technologies to reduce vehicular emissions.
?Foreign institutional investors (FII) sold shares worth Rs 1,454.63 crore, whereas domestic institutional investors (DII) bought shares worth Rs 1,946.06 crore on March 21, the National Stock Exchange’s provisional data showed.
Domestic and International Events
- Oil prices rose more than 2 percent on Tuesday, extending a retreat from a 15-month low hit the previous day, as the rescue of Credit Suisse allayed concerns of a banking crisis that would hurt economic growth and cut fuel demand.
- The retail inflation is expected to range tightly between 5 percent and 5.6 percent if the country manages to successfully deal with the El Nino event, the Reserve Bank of India (RBI) bulletin said on March 21.
- The US banking system is stabilizing after strong actions from regulators, but further steps to protect bank depositors may be needed if smaller institutions suffer deposit runs that threaten more contagion, US Treasury Secretary Janet Yellen told bankers on Tuesday.
- The dollar pared earlier losses and sterling fell on Tuesday as traders reckoned banking stress could keep the Federal Reserve and the Bank of England from hiking interest rates much further, or at all, later in the week.
Key Equity Indices
|Hang Seng (Hong Kong)||19,259||1.4 %|
|Shanghai Composite (China)||3,256||0.6 %|
|Dow Jones (US)||32,561||1.0 %|
|DAX (Germany)||15,195||1.8 %|
|FTSE 100 (UK)||7,536||1.8 %|
|Nikkei (Japan)||26,946||(1.4) %|
|Straits Times (Singapore)||3,174||1.1 %|