JSW up on capex announcement in US, SpiceJet rallies on news of borrowing plan

Indian Markets:

• Nifty 50 Movement: The Nifty 50 index lost 57.80 points or 0.32% to close at 18,089.85.
• The winning streak of domestic equity benchmarks came an abrupt end on Wednesday. 
• With the U.S. Federal Reserves rate decision looming later in the day, caution dominated the markets, leading to mixed global cues. 
• FMCG, realty, and media shares outperformed. However, IT, metal, and oil & gas shares declined.

Global Markets:

• Europes markets advanced while most Asian stocks closed lower on Wednesday, as investor caution prevailed as the Fed was expected to raise rates by 25 basis points. . Markets in Japan and mainland China remained closed due to a holiday.
• In the U.S., all three major indexes fell for a second consecutive session on Tuesday due to renewed banking concerns on Wall Street ahead of the Feds decision.

Stocks in Spotlight:

• JSW Steel announced that its US-based subsidiary, JSW Steel USA Ohio, Inc will invest $145 million in new projects to upgrade its manufacturing operations at Mingo Junction, Ohio. This is in alignment with President Biden Administrations Buy America policies, the company stated in the press release. JSW Steel USA aims to meet the demand for quality steel products that are melted & manufactured in the US. These new projects are expected to be completed & commissioned in FY26.
• Shares of India’s second-largest low-fare carrier SpiceJet Ltd rose over 5 percent in the early hours and closed 1 percent higher after the company announced that it would borrow Rs 400 crore to get 25 of its grounded aircraft in the air.
• MRF share price closed nearly 5 percent higher after healthy earnings growth with sharp margin improvement in March quarter of FY23. The standalone profit of the tyre maker increased 162 percent to Rs 410.66 crore for the March FY23 quarter, backed by robust operating performance and exceptional gains.

News from the IPO world?

• Coforge to go for US IPO as soon as public market revives
• Ideaforge Technology IPO approved by SEBI
• Tata Play gets SEBI approval to float IPO

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