Equities were volatile after the announcement, before decidedly turning higher after Chair Jerome Powell said in his press conference that either 50 basis points or 75 basis points were most likely at the next meeting in July but that he did not expect hikes of 75 basis points to be common.
European stocks snapped their six day losing streak on Wednesday after the European Central Bank (ECB) announced measures to temper a bond market rout, even as some investors looking for a more decisive action were disappointed.
Stocks in news
Bank stocks: Fitch Ratings on Wednesday revised its outlook to stable from negative for nine India-based banks, including SBI, ICICI Bank and Axis Bank. The other lenders include Bank of Baroda, Bank of Baroda (New Zealand) Ltd, Bank of India, Canara Bank, Punjab National Bank, and Union Bank of India.
Telecom stocks: The cabinet has approved the auction of 5G airwaves which will be part of the total 72097.85 MHz of spectrum that will be put on sale on 26 July. Bids have been called in by 8 July. Reliance Jio, Bharti Airtel, Vodafone Idea will vie for the prized 5G spectrum.
State Bank of India: The country’s largest lender has hiked the minimum interest rates for home loans to 7.55 per cent effective Wednesday. The move follows a 50 basis points hike in repo rate to 4.90 per cent by the Reserve Bank of India (RBI) last week.
HDFC: HDFC is in the final stages of selling four large distressed accounts, including that of Subhash Chandra-promoted Siti Networks to Assets Care and Reconstruction Enterprise (ACRE).
Yes Bank: The private lender targets to recover over Rs 5,000 crore during the current fiscal, the lender said in its annual report 2021-22.
UPL: The agrochemical major said it has acquired 100 per cent stake in Punjab-based Kudos Chemie through its wholly-owned subsidiary in a bankruptcy resolution process. The National Company Law Tribunal Chandigarh bench gave its approval to UPL’s resolution plan submitted under the Insolvency and Bankruptcy Code for revival of Kudos Chemie.
Indian Overseas Bank: The state run lender said its board has approved raising of up to Rs 1,000 crore equity capital through issuance of shares via various modes.
With inputs from Agencies