Indian Stock Market Continues Winning Streak
On August 22, the Indian stock market benchmark Nifty 50 extended its winning streak to six consecutive sessions, driven by positive global cues and expectations of a potential US Federal Reserve interest rate cut. The Nifty 50 closed up 41 points, or 0.17%, at 24,811.50, while the Sensex rose 148 points, or 0.18%, to end at 81,053.19. ICICI Bank and Bharti Airtel were among the top contributors to the index’s gains.
RBI MPC Minutes Highlight Disinflation Focus
The Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) released minutes from its recent meeting, emphasizing the need for continued disinflationary policies until inflation aligns with targets. The minutes pointed out persistent food inflation and its potential impact on core inflation. Despite these challenges, the RBI anticipates domestic growth to remain strong due to investment demand and consumption trends.
US Federal Reserve Rate Cut Expectations
Expectations are growing for a US Federal Reserve rate cut in September following a revision of US jobs data and recent FOMC meeting minutes. The US Labor Department reported lower-than-expected job additions for the year through March. Experts anticipate that the Fed will reduce benchmark interest rates in its upcoming meeting on September 17-18, which could influence global markets, including India.
Supreme Court Criticizes ‘Inhuman’ Conditions for Doctors
The Supreme Court of India flagged the ‘inhuman’ working conditions for doctors amid a hearing on the Kolkata rape-murder case. The court also criticized the Kolkata Police for delays in lodging the FIR and urged doctors to end their ongoing protests, assuring them of no reprisals.
West Bengal Chief Minister Urges Stricter Anti-Rape Laws
West Bengal Chief Minister Mamata Banerjee wrote to Prime Minister Narendra Modi calling for stricter anti-rape laws and quicker justice. Her appeal comes amid ongoing investigations into the Kolkata doctor rape and murder case, highlighting concerns about rising rape cases across the country.
Mpox Outbreak: Asia’s First Case of Deadly Strain in Thailand
Thailand has reported Asia’s first case of the highly transmissible Clade 1b strain of Mpox. This case follows Sweden’s report of the first Clade 1b case outside Africa. Health officials confirmed that the patient likely contracted the strain from an endemic country, raising global concerns about the spread of this new variant.
Byju’s Insolvency Case Causes Employee Concerns
The potential insolvency of Byju’s, a major Indian edtech firm, is causing significant concern among its employees. The company, valued at $22 billion in 2022, is facing challenges that could impact thousands of workers who are anxiously awaiting their owed compensation. The case highlights the broader struggles within the startup sector.
