Top news on August 22: Nifty 50 extends gains for 6th day, RBI MPC highlights

Top news today: On 22 August, a series of events are set to take place right from politics to business. Indian stock market benchmark Nifty 50 extended its winning streak to six consecutive sessions. RBI’s MPC minutes highlights that the policy must continue to be disinflationary until a durable alignment of the headline inflation with the target is achieved. The Supreme Court flagged ‘inhuman’ working conditions for doctors during a hearing for the Kolkata rape-murder case.
Indian stock market benchmark Nifty 50 extended its winning streak to six consecutive sessions on Thursday, August 22, driven by positive global cues and rising expectations that the US Federal Reserve may begin cutting interest rates in September. The Nifty 50 ended the day 41 points or 0.17 per cent, higher at 24,811.50 with 27 stocks in the green. On the other hand, the Sensex closed 148 points, or 0.18 per cent, up at 81,053.19. Read more
The Reserve Bank of India (RBI) released the minutes of the Monetary Policy Committee (MPC) meeting on Thursday, August 22, highlighting that the policy must continue to be disinflationary until a durable alignment of the headline inflation with the target is achieved. The RBI’s rate-setting panel believes that food prices remain elevated which may adversely result in spillovers to core inflation. The MPC expects domestic growth to hold up on the strength of investment demand, steady urban consumption, and rising rural consumption. Read more
The recent downward revision of US jobs data, along with the minutes from the latest FOMC (Federal Open Market Committee) meeting, has strengthened expectations of a rate cut in September. Many experts are certain that the Fed will cut benchmark interest rates within the next few weeks. The next US FOMC meeting is scheduled for September 17-18. On Wednesday, the US Labor Department reported that employers added far fewer jobs than initially estimated in the year through March. Read more
West Bengal Chief Minister Mamata Banerjee wrote to Prime Minister Narendra Modi on Thursday, seeking stringent laws and “quick justice in rape cases. In the later dated August 22, she highlighted “regular and increasing occurrence of rape cases throughout the country”. Her statement came as probe continues in the Kolkata doctor rape and murder case. Read more
Thailand reported a case of the highly transmissible Clade 1b strain of Mpox this week amid growing concerns about a global outbreak. The case — the first to be reported from Asia — comes mere days after Sweden reported the first such case outside Africa. “The test results confirm that he is infected with the Clade 1b strain of monkeypox, which is the first case diagnosed in Thailand, but this man is likely infected from an endemic country,” officials told Reuters. Read more
The Supreme Court flagged ‘inhuman’ working conditions for doctors during a hearing for the Kolkata rape-murder case on Thursday. The apex court also lambasted the Kolkata Police for its handing of the case and questioned the 14-hour delay before an FIR was lodged. The three-judge bench led by Chief Justice DY Chandrachud has urged doctors to end their ongoing agitation and assured that there would be no reprisals. Read more
The potential insolvency of Byju’s, a prominent Indian education technology company, could become the largest disruption in the once-thriving startup sector, sparking a prolonged struggle among thousands of anxious employees to recover their owed compensation and safeguard their careers, according to Reuters report. Once a favorite among global investors and valued at $22 billion in 2022, Byju’s gained popularity by providing online courses during the COVID-19 pandemic. Read more