Morning Update for 23 March 2022

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Indices at previous closing

Nifty50: 17,315 197 (+1.1%)

Sensex: 57,989 696 (+1.2%)

Nifty Bank: 36,348 330 (+0.9%)


For more updates on F&O, click here.


Goldman Sachs expects a 50 bps rate hike 

The US-based investment bank expects the Federal Reserve to hike interest rates by 50 bps in May this year. Experts observed that the US central bank’s usage of the word “expeditiously” signals that a 50 bps hike is coming in May. 

On Monday, the Federal Reserve chairman said that the central bank must move expeditiously to raise rates in a bid to combat the rising inflation. Last week, the Fed increased the key rate by 0.25%, which was the first rate hike in more than three years. Meanwhile, the Nifty50 was up 1.1% yesterday.


Yes Bank may sell stake   

According to reports, the private bank is in talks with investors such as Brookfield and BlackRock for raising funds. The bank reportedly plans to sell 5% to 10% stake to raise money. This stake sale will take place through qualified institutional placement (QIP).   

The bank is also reportedly holding discussions with multiple private equity players to raise capital. This comes after the Yes Bank’s board gave approval to raise ₹10,000 crore to support business growth. Meanwhile, shares of Yes Bank were down 0.7% yesterday.


FMCG stocks under pressure 

Shares of the major fast moving consumer goods (FMCG) companies faced selling pressure yesterday over margin and growth concerns. Experts have said that the rising commodity prices could adversely impact FMCG players’ profitability. 

Rising raw material cost could also dent the volume growth as rural consumers could shift to inferior brands, according to experts. Meanwhile, the Nifty FMCG index was down 0.7% yesterday.


Sectoral indices (March 22)

Top gainers Top losers
Nifty IT

1.9%

Nifty Realty

1.0%

Nifty Oil & Gas

1.8%

Nifty FMCG

0.7%

Global markets (at 7:30 AM today)

Indices Today's movement
SGX Nifty 0.3%
Nikkei 225 (Japan) 2.7%
Hang Seng (Hong Kong) 0.8%
SSE Composite (China) 0.0%
Dow Jones (US) (March 22) 0.7%
NYSE (US) (March 22) 0.7%
Nasdaq (US) (March 22) 1.9%
S&P 500 (US) (March 22) 1.1%

Fact of the day

Unified Payments Interface has processed ₹76 lakh crore worth of transactions in FY22 so far.

Source: Business Standard


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Investment in securities markets is subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.

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