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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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Business

Indian stocks rise on Fed rate hike halt prospects.

Photo: Bombay Stock Exchange Credit: 13Angle Photo: Bombay Stock Exchange Credit: 13Angle
Photo: Bombay Stock Exchange Credit: 13Angle Photo: Bombay Stock Exchange Credit: 13Angle

Indian stocks rise on Fed rate hike halt prospects. Mixed U.S. jobs statistics raised concerns that the Federal Reserve may not raise interest rates this month, boosting Indian shares on Monday.

Singapore-listed NSE stock futures rose 0.46% to 18,714.50 at 7:34 a.m. IST.

The Nifty 50 (.NSEI) and S&P BSE Sensex (.BSESN) rose for a second week on Friday, boosted by stronger-than-expected economic growth and rapid factory output growth.
This week, investors will follow the Reserve Bank of India’s monetary policy announcement. A Reuters poll of experts predicted the Indian central bank would maintain its benchmark interest rate on June 8 and throughout 2023.

After data indicated that the U.S. economy added 339,000 jobs last month, wage growth moderated, and the unemployment rate rose, Asian equities extended a global surge on Monday in anticipation that the Fed would suspend rate hikes this month.

In May, U.S. manufacturing contracted again.
Data and Fed proposals for a pause in the June 13-14 meeting have lowered rate increase chances.

According to provisional NSE statistics, foreign institutional investors sold 6.59 billion rupees ($80 million) of Indian equities on Friday, while domestic investors bought 5.82 billion rupees.

STOCK WATCH

** Interglobe Aviation Ltd (INGL.NS): Airbus (AIR.PA) is nearing a record contract to supply 500 narrow-body A320-family jets to IndiGo, India’s largest airline, industry sources said Sunday.

** SBI Life Insurance Company Ltd (SBIL.NS): On Friday, India’s insurance regulator ordered SBI Life Insurance to take over a Sahara India Life Insurance unit due to its “continuous deterioration of financial position.”

** Apollo Hospitals Enterprise Ltd (APLH.NS): Chief Financial Officer Krishnan Akhileswaran said Friday that the company wants to generate $200 million by selling a 6% interest in its online platform.

** Tata Motors Ltd (TAMO.NS): India’s Tata Group struck an outline arrangement on Friday to establish a 130 billion rupee lithium-ion cell facility as part of its ambitions to build its electric car supply chain.


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