Market Bizzz

Earlier this week, U.S. economic data suggesting that the labor market and economy were slowing as well as the Reserve Bank of Australia’s surprise move to raise rates by only 25 basis points fuelled hopes of less aggressive interest rate hikes by central banks and lifted risk sentiment.

Also, Meenakshi Enterprises will convene its board meet to consider and approve resignation of Vidhya Damodaran from chief financial officer of the company and to appoint her as the company secretary and compliance officer of the company.

​​​On Wednesday, the ADP National Employment report showed private employers increased hiring last month, while separately the Institute for Supply Management’s (ISM) non-manufacturing PMI reading came in slightly above expectations, suggesting underlying strength in the economy despite rising interest rates. Investors are likely to shift focus to U.S. nonfarm payrolls data due on Friday.

“India has one of the largest and most liquid onshore bond markets among Emerging Market economies, and over the past two years, the market has made significant strides in easing the access for foreign portfolio investors,” the Wall Street Financial powerhouse said in a separate statement.

Musk offered to buy the San Francisco company at $54.20. Shares jumped nearly 13% to $47.95 before trading stopped.

Besides, board meetings of Haldyn Glass, Mega Corporation and Thinkink Picturez are also lined up for today. Punit Commercials and Sharanam Infraproject and Trading will hold their board meetings for bonus and rights issues of equity shares.

The last time TD Sequential suggested a reversal to rally in Adani Ports’ shares was in 2015, and a 55% drop followed. However, those who made trades following a 2007 sell signal by the indicator on Adani Enterprises, the first one since its public market debut in 1999, faced losses.

Williams said lower economic growth and higher unemployment are very likely to be side effects of the Fed’s inflation-fighting mission. Economic activity will likely be close to flat this year, with only modest growth next year, and the unemployment rate, now at 3.7%, will likely rise to 4.5% by the close of 2023, he said.