HeroMotoCorp and HPCL have joined hands to set up charging infrastructure

Opening Bell:

SGX Nifty is up by 80.5 points in the early morning trade, indicating a gap down opening for Indian stock market.

Asian indices were trading lower in the early morning trades. The Japanese Nikkei was down by 1.34 percent, South Korea’s Kospi was lower by 0.89 percent and Hong Kong’s Hang Seng is down 1.22 percent in early morning deals.

Wall Street key benchmark indices ended with soli losses as US central bankers opened their two day policy meeting. Dow Jones went down by 1.01 percent, Nasdaq composite declined by 0.95 per cent, S&P 500 slid by 1.13 per cent.

Fed officials have vowed to raise rates to tame inflation with some observers speculating a one percent hike in interest rates.

Stocks News:

?Mr. Gautam Adani has pledged his entire stake in Ambuja and ACC Ltd of $12.5 bn to foreign banks to fund his family’s $6.5bn acquisition of the two cement makers.

?Wipro and Finastra a UK based company announced a partnership in India to power digital transformation for corporate banks in India. This multi-year partnership makes Wipro the exclusive implementation and go-to-market partner for all banks in India for Finastra’s Fusion Trade Innovation and Fusion Corporate Channels.

?HeroMotoCorp and HPCL have joined hands to set up charging infrastructure for electric two-wheelers in the country. The two companies will first establish charging infrastructure at Hindustan Petroleum Corporation’s (HPCL) existing network of stations.

?Yes Bank to sell stressed assets worth around Rs 48,000 crore to JC Flowers ARC, which has turned out to be the sole bidder for the portfolio. The US-based asset reconstruction company had in July this year emerged as the base bidder for the proposed sale of the identified stressed loan book of Yes Bank.

?Zydus Lifesciences has launched a anti-cancer drug Lenalidomide capsules in the US market. The company has launched its generic product after getting approval from the US Food and Drug Administration (USFDA).

?Foreign institutional investors (FIIs) have net bought shares worth Rs 1,196.19 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 131.94 crore on September 20, as per provisional data available on the NSE

Domestic and International Events

• Oil prices went down on Wednesday, continuing the previous day’s losses, as investors braced for more aggressive interest rate hike from the US Federal Reserve and increasing fear that this could lead to recession and plunging fuel demand.
• The Asian Development Bank (ADB) on Wednesday cut its growth forecasts for developing Asia for 2022 and 2023 amid mounting risks from increased central bank monetary tightening, the fallout from the war in Ukraine and Covid-19 lockdowns in China.
• The yield on two-year US Treasury notes, a rough gauge of interest rate expectations, rose to almost a 15-year high on Tuesday, a day before the Federal Reserve is likely to hike rates by 75 basis points as it continues to fight inflation.
• Ford Motor Co’s stock tumbled over 12 percent on Tuesday in its deepest one-day decline in over a decade after the automaker said inflation-related costs would be $1 billion more than expected in the current quarter and that parts shortages had delayed deliveries.

Key Equity Indices