OECD cuts global growth outlook to 2.2 percent versus 2.8 percent earlier
Global economic growth is slowing more than was forecast a few months ago in the wake of Russia’s invasion of Ukraine, as energy and inflation crises risk snowballing into recessions in major economies, the OECD said on Monday. Despite the fast deteriorating outlook for major economies, the OECD said further rate hikes were needed to fight inflation, forecasting most major central banks’ policy rates would top 4 percent next year.
Market at 2 PMBenchmark indices were trading lower in the afternoon session with Nifty around 17100.The Sensex was down 709.09 points or 1.22% at 57389.83, and the Nifty was down 233.10 points or 1.35% at 17094.20. About 521 shares have advanced, 2796 shares declined, and 89 shares are unchanged.
Gold steadies as dollar rally takes a pause, but rate-hike fears prevail
Gold prices steadied after dropping to a 2-1/2-year low on Monday as the dollar rally took a breather, while analysts expected a further drop in prices with more interest rate hikes by the U.S. Federal Reserve looming.
Spot gold was little changed at $1,645.47 per ounce as of 0724 GMT. Prices fell as much as 1% earlier in the session to hit $1,626.41, their lowest level since April 2020.
Hester Biosciences boosted by strong demand for goat pox vaccineShares of Hester Biosciences gained over 10 percent on September 26 after the company informed investors it has been able to meet demand for goat pox vaccine in the country.The goat pox vaccine is used to immunise cattle against the lumpy skin disease. A total of 97,435 cattle have died in the country due to the viral infection, showed government data as of September 23.
Shares of Sterlite Tech were under pressure on September 26 after the company said its chief financial officer has resigned.
“This is to inform that Mr. Mihir Modi, Chief Financial Officer and Key Managerial Personnel of the Company has tendered his resignation and will be relieved from his duties with effect from close of business hours of Friday, October 14, 2022,” said the company in a regulatory filing.
Sterlite Technologies was quoting at Rs 160.10, down Rs 12.50, or 7.24 percent on the BSE.
BSE Fast Moving Consumer Goods index fell 1.4 percent dragged by the Triveni Engineering, Ugar Sugar Works, Varun Beverages
Top 10 trading ideas by experts for next 3-4 weeks as bears retain the reins
Given the subdued environment, the index may touch its August lows of around 17,150 and if that gets broken, then falling below psychological 17,000 mark can’t be ruled out in coming sessions, with…
Promoter Mayank Singhal has offloaded 0.6% stake or 10 lakh shares in PI Industries via open market transactions. These shares were sold at an average price of Rs 3,150 per share.
PI Industries was quoting at Rs 3,025.40, down Rs 33.90, or 1.11 percent.
Brent falls below $85 for first time since January as slowdown looms
The Organization of the Petroleum Exporting Countries (OPEC) and its allies may consider intervening to stem the slide.
Nifty Information Technology index added 1 percent led by the Coforge, Infosys, Mphasis
Power Grid Large Trade | 1.02 crore shares (0.15% equity) worth Rs 196.65 crore change hands at an average of Rs 196.1 per share.
Power Grid Corporation of India was quoting at Rs 195.25, down Rs 7.35, or 3.63 percent on the BSE.