Daily Stock Market News Snippets- 22 September 2022

Markets – Global & India

• The US Markets were down by 1.70% to 1.79%
• The Brent Crude Oil price is currently at $89 per barrel.
• India’s 10-Year G-Sec Yield is at 7.25% and US’s 10-Year G-Sec Yield is at 3.55%.
• Rupee at 80.05 per dollar.

Global Economy:

• Fed escalates inflation fight with another 75 bps rate hike, sees more increase ahead.
  • Fed forecasts the interest rates to touch 4.6% in 2023.
  • The current policy rates are at the highest level since before the 2008 financial crisis.
  • Another 75 bps rate hike is expected in November 2022 Meet.
  • Resolve to take inflation to 2% is uncompromised
  • The US Economy growth estimates at 1.2% for 2023 and 1.7% for 2024.
  • The US Economy’s hard-landing and Recession look inevitable.
• US Dollar Index at 2-decade high at 111.57.

Indian Economy:

• India’s banking system liquidity slips into deficit after 40 months: RBI
• Government approves Rs. 19,500 Cr. PLI Scheme for manufacturing of Solar PV Modules. This scheme will attract Rs. 94,000 Cr. Investment and to create 2 lakh direct jobs.

Stock Specific News:

• Moonlighting gets 300 employees at Wipro the pink slip: Rishad Premji
• Bank’s Gross NPAs may drop to 5% by March 2023 on the economic rebound: CRISIL
• Capital goods stocks may re-rate on Government Capex push and firm demand.
• Monthly inflows in mutual fund SIP at over Rs. 12,000 cr. during May-August: AMFI
• ACC, Ambuja Cement shares tank over 5% on concerns over pledging.
• Reliance Retail in talks to grab rights for French beauty retailer Sephora.