Stock Market LIVE: Indices set to start on bright note; SGX Nifty up

Wall Street on Wednesday closed solidly higher placing the market on pace to break a 3-week losing streak. Asian peers also started the day in the green. Traders are cautious though and the market is likely to see more volatility ahead of the next Federal Reserve interest rate policy update scheduled for Sept. 21.

08 Sep 2022, 07:29:14 AM IST

Government to bring in data protection law soon: Rajeev Chandrasekhar

India will replace the IT Act with a Digital India Act, comprising a modern framework of laws and rules that will act as catalysts for innovation and protecting citizen’s rights, said Rajeev Chandrashekhar, minister of state for electronics and information technology.

Speaking at the USIBC India Ideas summit, he said that the government will bring a fresh comprehensive legislative framework within three to four months, which will address digital data protection and non-personalised, anonymous data. (Full Report)

08 Sep 2022, 07:27:28 AM IST

Rupee declines 13 paise to 79.95 against US dollar on rate hike worries

The rupee declined by 13 paise to close at 79.95 against the US currency on Wednesday as growing expectations of aggressive interest rate hikes by the US Fed drove the greenback to multi-year highs against major global currencies.

Forex inflows into equities and weak crude oil prices, however, restricted losses in the local currency.

At the interbank foreign exchange market, the domestic currency opened at 79.93 per dollar. It hovered in a range of 79.84 to 79.9550 during the session. (PTI)

08 Sep 2022, 07:26:55 AM IST

Stocks charge higher on Wall Street, erasing weekly losses

Stock indexes on Wall Street closed solidly higher Wednesday, placing the market on pace to break a 3-week losing streak.

The S&P 500 rose 1.8% Wednesday, its biggest single-day gain in four weeks, with roughly 95% of the stocks in the benchmark index closing higher.

The Dow Jones Industrial Average rose 1.4% and the tech-heavy Nasdaq climbed 2.1%. Smaller company stocks outgained the broader market, driving the Russell 2000 index 2.2% higher.

The indexes are now all in the green for the week, a welcome respite for traders after a slump in recent weeks that erased much of the market’s gains from a July and early August rally.

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