Hero MotoCorp is set to launch its first electric vehicle

Opening Bell:

SGX Nifty is up by 29 points in the early morning trade, indicating a gap up opening for Indian stock market.

Asian indices were mixed in the early morning trades ahead of back-to-back central bank meetings this week. The South Korea’s Kospi declined by 0.60 percent and Hong Kong’s Hang Seng is down 0.67 in early morning deals.

Wall Street key benchmark indices ended lower on Friday. All three major indices have fallen to lower levels since mid-July. Dow Jones lost 0.45 per cent, Nasdaq composite dropped 0.9 per cent, S&P 500 dipped 0.72 per cent on Friday.

Along with US Fed meeting on September 21 where it is highly expected that the Fed will again hoke rates by steep 75 bps as done in the past two monetary policy decisions.

FIIs so far in the September month, FIIs have remained net buyers in the Indian equities. FPI buying through exchange upto September 16th stood at Rs. 12,084 crore. Nonetheless, on Friday, FIIs sold equities worth Rs. 3260 crore and this sudden large selling is also seen as one reason for the sharp fall in the indices.

Stocks News:

?SBI – SBI Global Factors has become its 100 percent subsidiary as the country’s biggest lender has acquired about 14 percent stake from the shareholders. SBI has acquired 13.82 per cent equity of existing shareholders of SIDBI (6.53 per cent).

?Hero MotoCorp is set to launch its first electric vehicle of its model in the domestic market.

?Maruti Suzuki has decided to recall 5002 super carry vehicles manufactured between May 4th May and 30th July 2022. The recall is on the basis of possible defect in bolt torquing.

?Adani family has completed the acquisition of Ambuja and ACC to become the second largest cement player.

?Yes Bank has said its shareholding of 8.74 percent in Jhabua Power has been extinguished following debt resolution of the company under the corporate insolvency process.

?FIIs have sold shares worth Rs 3,260.05 crore, whereas DIIs net offloaded shares worth Rs 35.57 crore on September 16,per provisional data available on the NSE.

Domestic and International Events

Government has reduced windfall tax on locally produced crude oil to Rs. 10,500 from Rs, 13,000 a ton as per a circular by Ministry of Finance on 16th September. Additionally, ATF and diesel has also reduced tax on export.
Goldman Sachs cut its US economic growth estimates for 2023 after boosting predictions for Federal Reserve interest rate hikes. US GDP will increase 1.1 percent in 2023, compared with a forecast of 1.5 percent previously.
Oil prices climbed during early Asian trade on Monday as a weaker dollar and supply concerns ahead of European Union embargo on Russian oil in December offset fears of a global recession that could further decline fuel demand.
India’s Current Account Deficit a key indicator of payment of a country, is likely to remain within 3 percent of the GDP in 2022-23 as against 1.2 percent during the fiscal year gone by. The widening trade deficit puts pressure on balance of payments.