PSU Bank index leads the rally as the index jumps 1.5% with all stocks trading in green
Market Today: The scheduled Fed’s interest rate announcement will keep investors on edge (PTI)
Share Market LIVE Updates: Benchmark indices remain in green as Sensex climbs 150 pts and Nifty 50 pts on Wednesday ahead of the Fed interest rate announcement. Most sectors are trading in the green with PSU Bank and Auto gaining the most. Bajaj twins shine, while BPCL, Coal India lag
The Federal Reserve will announce what’s largely expected to be its latest increase in rates on Wednesday. With the turmoil in the banking industry, traders are betting the Fed will stick with an increase of 0.25 points, which is much lower than what traders were betting before the crisis in the banking sector.
RBI says optimistic of growth trajectory
The Reserve Bank of India is optimistic about India’s growth outlook, “whatever the odds”, and expects it to maintain the pace seen in the current fiscal year.
“Unlike the global economy, India would not slow down – it would maintain the pace of expansion achieved in 2022-23,” RBI staff wrote in the March bulletin of the State of the Economy, published on Tuesday. “We remain optimistic about India, whatever the odds.”
Forecasts of India’s real GDP growth for 2023-24, including those by the RBI, stand at between 6.0 and 6.5%.
Oil down after weekly U.S. crude stocks exceed expectations
Oil fell in Asian trade on Wednesday morning, paring two straight days of gains after an industry report showed U.S. crude inventories rose unexpectedly last week in a sign fuel demand may be weakening.
Brent futures, which have risen more than 3% this week, were down 37 cents, or 0.5%, at $74.95 a barrel at 0400 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 39 cents, or 0.6%, at $69.28.
Data from the American Petroleum Institute on Tuesday showed U.S. crude inventories rose by about 3.3 million barrels in the week ended March 17, sources said.
That defied expectations for a drawdown of about 1.6 million barrels from eight analysts polled by Reuters.
Shipping Corporation of India share jumps as PSU fixes record date for demerger
Shipping Corporation of India (SCI) share price today ascended in early morning deals. In the opening bell today, Shipping Corporation of India’s share price opened upside and went on to hit an intraday high of ₹139.35 apiece on NSE, logging to the tune of nearly 2 per cent intraday rise within a few minutes of the stock market’s opening today. On Tuesday, the Shipping Corporation of India fixed the demerger record date on 31st March 2023. The state-owned company has already announced the demerger of its land and assets in 1:1 ratio.
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