Stock Market LIVE: Indices open on a stable basis; SGX Handy in green

US inflation data dragged the market down in the previous session, with US, Asian and European stocks closing sharply lower. But Wall Street recovered on Wednesday and finished higher. The Asian markets also opened positively.

Sep 15 2022, 07:41:42 AM IST

Tamilnad Mercantile Bank IPO Shares Listing Today. Experts predict flat debut

The share price of Tamilnad Mercantile Bank will be available to traders and investors from today. According to the information available on the BSE website, the listing date of Tamilnad Mercantile Bank’s IPO is set to be September 15, 2022. The BSE notice says that the shares of Tamilnad Mercantile Bank Limited will be listed and admitted to trading on the BSE and NSE in the list of ‘T’ group of securities. The scrip will be in the Trade-for-Trade segment until further notice. Tamilnad Mercantile Bank’s share price may debut around the issue price and we may not see much luxury in the listing. (Full story)

15 Sep 2022, 07:30:17 IST

India has decided to authorize SBI to promote rupee trade with Russia: FIEO President

India has decided to authorize the country’s largest lender, SBI, to promote rupee trade with Russia and soon Moscow will designate its bank to operationalize the mechanism, exporters’ organization FIEO said on Wednesday.

The RBI issued a detailed circular in July requesting banks to make additional arrangements for export and import transactions in Indian rupees in view of the growing interest of the global trading community in the domestic currency.

Currently, much of India-Russia bilateral trade is settled in rupees as a result of sanctions imposed by the US and Europe following Moscow’s attack on Ukraine.

The RBI had said that the relevant banks need special rupee-vostro accounts from the correspondent bank(s) of the trading partner country for the settlement of commercial transactions. (PTI)

15 Sep 2022, 07:29:34 IST

Rupee drops 35 paise against USD on forex outflows, fear of interest rate hike

The rupee fell 35 paise to close at 79.52 against the US currency on Wednesday as higher-than-expected US CPI pressures resulted in risky sentiment among investors.

Foreign fund outflows and losses in domestic stock markets also impacted the rupee’s sentiment, forex traders said.

In the interbank foreign exchange market, the domestic currency opened at 79.58 per dollar. It hovered in a range of 79.38 to 79.60 during the session.

The domestic unit eventually reached 79.52, down 35 paise from the previous close of 79.17, ending a four-session profit streak in which it rose 78 paise.

15 Sep 2022, 07:28:46 IST

Wall Street is recovering from the previous day’s defeat

Wall Street stocks ended in gains on Wednesday, reversing some of the losses from a day earlier, driven by stronger-than-expected US inflation data that fueled fears of more Fed rate hikes.

The S&P 500 rose 0.3 percent. The dollar fell in turbulent trading as oil prices rose.

US inflation data continued to pull European and Asian stocks down sharply, with London the worst fall in Europe after news that UK inflation had slowed last month but remained close to a 40-year high.

US stocks were battered on Tuesday by consumer price indices showing widespread inflationary pressures, and while the annual CPI pace slowed in August, prices rose unexpectedly in the month compared to July.

The disappointing result has made investors brace for the Federal Reserve to continue its grueling fight against inflation with another massive rate hike next week. (AFP)

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