Market Bizzz

Major U.S. stock indexes fell more than 1% on Tuesday as regional bank shares tumbled and investors awaited the Federal Reserve’s decision about interest rates. The KBW regional banking index fell 5.5% in its biggest daily percentage drop since March 13, while S&P 500 energy and financial sectors fell 4.3% and 2.3% respectively.

Steel major Tata Steel Ltd reported consolidated net profit of Rs 1,705 crore for the January-March period. This is a fall of 82% from Rs 9,756 crore a year ago.

In December, SUUTI held six lakh shares representing a 0.02% stake in the bank, which was down from 1.6% in September 2022. According to the stock exchange data, as of end-March 2023, the stake was down to zero. The derecognition as a promoter also takes away the right to appoint a nominee director on the bank’s board.

Spot gold was unchanged at $1,982.58 per ounce by 0012 GMT. U.S. gold futures fell 0.1% to $1,990.80.

The Aussie dollar kept near the middle of its recent trading range with the greenback ahead of the Reserve Bank of Australia’s (RBA) policy decision at 0430 GMT, with money markets positioned for a second meeting with no change. However, there remains a risk of another hike in the second half of the year.

Nifty declined marginally since January, while markets like the US, Germany, France, Korea, and Japan have risen 10-16% in the period. Foreign portfolio investors (FPIs) have net sold shares worth Rs 14,156 crore this year after selling Rs 1. 50 lakh crore of equities in 2022. The underperformance of the Indian market followed a strong performance from 2020 until the middle of 2022.

An organisation’s reputation is closely linked to the behaviour of its employees, the Insurance Regulatory and Development Authority of India (Irdai) said, adding “Social media should be used in a way that adds value to the organisation’s business”. ​​The Information and Cyber Security Guidelines, which were issued by Irdai to all insurers, have a specific section on ‘Acceptable usage of social media’.