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Sunday, October 2, 2022

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Stocks To Watch: UltraTech, RITES, SRF

U.S. stocks tumbled following Federal Reserve’s chair Jerome Powell’s clear message that rates will continue to stay high for some time. Treasury yields rose.

S&P 500 sank to its lowest since mid-June and the tech-heavy Nasdaq 100 fell nearly 4%. Other major equity indexes also fell below their 100-day price averages. Elsewhere, oil rose as Powell’s remarks towards rate hikes may slow demand. OPEC+ may also limit production in the bid to stabilise the market. Gold fell and Bitcoin fell to nearly $20,000 levels.

Back home, India’s stock benchmarks snapped five-week winning streak, dragged by losses in information technology and pharma stocks on Friday.

The local currency appreciated by 1 paise against the U.S. dollar.

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