Stock Market LIVE: Indices to continue to remain cautious; SGX Nifty flat

SBI to consider $2 billion fundraising in FY24 via senior unsecured notes, board to meet on 18 Apr

The largest public sector lender in the country, State Bank of India (SBI) on Monday announced its plan to raise up to $2 billion for the financial year FY24 through the issuance of senior unsecured notes. To discuss and consider the same, the lender’s board members are scheduled to meet on April 18.

The senior unsecured notes will be in US dollars or any other convertible foreign currency. Also, the board will consider whether to issue these notes through a public offer and or private placement.

In its regulatory filing, SBI said, “The Executive Committee of the Central Board is scheduled to have a meeting on 18th April 2023.” (Read More)

US Stocks end mixed on Wall Street amid rate hike expectations

Stocks were mixed Monday in their first trading after a report heightened speculation the Federal Reserve may tap the brakes a little harder on financial markets and the economy.

The S&P 500 rose 4.09 points, or 0.1%, to 4,109.11. It did not trade on Friday, when data showing a resilient U.S. jobs market heightened expectations the Fed would hike interest rates again at its next meeting.

Big Tech stocks fell more than the rest of the market, which helped drag the Nasdaq composite down 3.60, or less than 0.1%, to 12,084.36. It was down as much as 1.4% earlier in the day. The Dow Jones Industrial Average was steadier, and it rose 101.23, or 0.3%, to 33,586.52.

Higher rates tend to hit tech and other high-growth stocks the hardest, and Apple and Microsoft were the two heaviest drags on the S&P 500. Apple fell 1.6%, and Microsoft slipped 0.8.%.

Tesla also dipped 0.3% after paring a sharper, early loss. The company cut prices on its entire U.S. model lineup in an apparent attempt to to entice buyers amid rising interest rates, which make auto loans more expensive.

The Fed has raised interest rates at a furious pace over the last year in hopes of undercutting high inflation. Higher rates can do that, but only by bluntly slowing the entire economy in one fell swoop. That raises the risk of a recession in the future and drags down prices for stocks, bonds and other investments.

Traders are betting on a roughly 70% probability the Fed will raise its key overnight interest rate in May by 0.25 percentage points to a range of 5% to 5.25%, according to data from CME Group. A day before Friday’s jobs report, they saw a roughly coin flip’s chance that the Fed would stand pat at its next meeting. (AP)