Nifty 50 Movement: Indices opened at 17,755.35 and declined further as the session progressed to settle below the 17,600 level.
Investors awaited the minutes of RBIs (latest) February monetary policy meeting, while the Feds (FOMC) February policy meeting minutes will also be tracked globally.
A global research firm has reportedly said that the US Federal Reserve could raise interest rates by a quarter-percentage point at its March, May and June meetings in response to a stronger economic expansion. It further reportedly said that the prospects for the Fed returning to 50 basis-point moves have not been ruled out completely.
Global Markets:
Shares in Europe and Asian tumbled on Wednesday as investors gauge the global economic outlook and await the minutes from the U.S. Federal Reserves latest monetary policy meeting.
Japans producer prices index rose 1.6% on an annualized basis, slightly higher than Decembers figure of 1.5%. The PPI measures the average movements of prices received by domestic producers for goods and services sold.
Meanwhile, the central bank of New Zealand has raised interest rates by 50 basis points from 4.25% to 4.75, in line with expectations. In a release, the Reserve Bank of New Zealand indicated that interest rates could still rise, to ensure inflation returns to its target range over the medium term.
The Fed on Wednesday is scheduled to release the minutes from its January 31-February 1 meeting. The central bank hiked rates by 25 basis points at that gathering.
US business activity unexpectedly rebounded in February, reaching its highest level in eight months, according to a survey on Tuesday. S&P Global said its flash US Composite PMI Output Index, which tracks the manufacturing and services sectors, increased to 50.2 this month from a final reading of 46.8 in January.
Stocks in Spotlight:
?SBI announced that it has raised Rs 4,544 crore through allotment of Basel III compliant AT-1 bonds in the nature of debentures. These non-convertibles, taxable, perpetual, subordinated, unsecured, fully paid-up Basel III compliant AT- 1 bonds in the nature of debentures have a coupon rate of 8.20% p.a. The bonds are perpetual and there is no maturity date.
?RIL said that its wholly-owned subsidiary Reliance New Energy (RNEL) has completed the purchase of certain shares of Nexwafe GmbH, for an aggregate consideration of 7,55,684 euros. RIL’s subsidiary and NexWafe had entered into an ‘India Strategic Partnership Agreement’ providing for joint technology development and commercialization, at scale, of high efficiency monocrystalline green solar wafers.
?PB Finteh Q3FY23, the financial services platform saw its consolidated loss narrow to Rs 87 crore from Rs 298 crore reported in Q3FY22. Revenue from operations grew 66% YoY to Rs 610 crore with the company reporting positive core business adjusted EBITDA at Rs 26 crore.
News from the IPO world?
Jeweller Joyalukkas IPO deferred due to poor market conditions
