Adani Transmission has incorporated a wholly-owned subsidiary, Adani Electricity Jewar Ltd

Opening Bell:

SGX Nifty is down by 332 points in the early morning trade, indicating a gap down opening for Indian stock market.

Asian indices indices were down in the early morning trade. Japanese Nikkei is down 2.10 per cent, Hong Kong’s Hang Seng is off 2.29 per cent whereas Chinese Shanghai went off 0.74 per cent.

The Nikkei 225 in Japan gained 0.26 percent, South Korea’s Kospi rose 1.78 percent. MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.35 percent.

Wall Street witnessed massive sell off on Tuesday after US inflation data for August came higher than the market expectations. Dow Jones crashed 3.94 per cent, Nasdaq nosedived 5.16 per cent, S&P 500 lost 4.32 per cent.

European stocks advanced on Tuesday for the fourth straight session, with underlying sentiment boosted by M&A talk and hopes for a softer US inflation reading.

Stocks News:

?JSW Steel has entered into a pact with Germany-based SMS group to examine various cutting edge solutions and R&D projects to cut down carbon emissions in its iron and steel making operations in the country.

?The Competition Commission of India (CCI) rejected a complaint against the proposed merger of multiplex chains PVR and INOX Leisure saying apprehension of likelihood of anti-competitive practices by an entity cannot be a subject of probe.

?Adani Transmission has incorporated a wholly-owned subsidiary, Adani Electricity Jewar Ltd, to carry on business of transmission, distribution and supply of power and other related infrastructure services. AEJL will commence its business operations in due course.

?TATA Consumer Products said it has entered the health supplements segment with the launch of a plant-based protein powder. Tata GoFit, a health supplement range for women, is a plant-based easy-to-mix product formulated with the goodness of gut-friendly probiotics.

?The Drug maker said its biosimilar product Rymti, indicated for the treatment of arthritis, has received approval from the Canadian health authority. The company’s product is the biosimilar of reference drug Enbrel (Etanercept).

?Foreign institutional investors (FIIs) have net bought ₹1956.98 crore worth of shares, whereas domestic institutional investors (DIIs) have net sold ₹1268.43 crore worth of shares on September 13, as per provisional data available on the NSE.

Domestic and International Events

• US consumer prices unexpectedly rose in August and underlying inflation accelerated amid rising costs for rents and healthcare, giving the Federal Reserve ammunition to deliver a third 75 basis points interest rate hike next Wednesday.
• Investments by private equity and venture capital funds plummeted 80 percent to $2.2 billion in August, a 19-month low, a report said on Tuesday. The month recorded the highest ever exits at $3.1 billion, making it the best month from sell-offs perspective, according to the report by industry lobby IVCA and the consultancy firm EY
• Foreign investors have stepped up purchases in a clutch of Indian government bonds that have no limits on foreign investment ahead of an anticipated inclusion of Indian debt in global bond indexes, analysts said. The central bank removed foreign investment caps for a number of securities under the ‘fully accessible route’ (FAR) in April 2020 to help meet a key requirement of index providers.
• With retail inflation accelerating to seven per cent in August 2022, economists expect the Reserve Bank of India (RBI) to likely raise interest rates by another 50 basis points (bps) in the next monetary policy committee meeting. Barclays Bank’s chief India economist Rahul Bajoria believes that the relatively resilient growth outlook, coupled with robust credit growth and sticky core inflation, will keep the RBI’s focus firmly on managing inflation.

Key Equity Indices

EMERGING	LATEST	% 1D
Hang Seng	19,330	(0.2) %
Shanghai Composite	3,264	0.1 %

DEVELOPED	LATEST	% 1D
Dow Jones	31,105	(3.9) %
DAX	13,189	(1.6) %
FTSE 100	7,386	(1.2) %
Nikkei	28,615	0.3 %
Straits Times	3,290	0.5 %