The Indian stock market continued its winning streak on Thursday, August 22, with the benchmark Nifty 50 index extending its gains for a sixth consecutive session. This positive momentum was driven by positive global cues and rising expectations that the US Federal Reserve may begin cutting interest rates in September. The Nifty 50 closed the day 41 points or 0.17 per cent higher at 24,811.50, with 27 stocks in the green. Meanwhile, the Sensex closed 148 points or 0.18 per cent up at 81,053.19.
The Reserve Bank of India (RBI) released the minutes of the Monetary Policy Committee (MPC) meeting on Thursday, highlighting the need for continued disinflationary policies until a durable alignment of headline inflation with the target is achieved. The MPC expressed concern about elevated food prices, which could lead to spillovers to core inflation. However, the MPC expects domestic growth to remain strong, supported by investment demand, steady urban consumption, and rising rural consumption.
The Supreme Court of India flagged ‘inhuman’ working conditions for doctors during a hearing for the Kolkata rape-murder case. The court criticized the Kolkata Police for its handling of the case, particularly the 14-hour delay in lodging an FIR. The three-judge bench, led by Chief Justice DY Chandrachud, urged doctors to end their ongoing agitation and assured them that there would be no reprisals.
In other news, Thailand reported a case of the highly transmissible Clade 1b strain of Mpox this week, marking the first case in Asia. This news comes amid growing concerns about a global outbreak, following the first case outside Africa reported in Sweden. The patient in Thailand is believed to have contracted the virus in an endemic country.
Finally, the potential insolvency of Byju’s, a prominent Indian education technology company, could have significant consequences for the startup sector. The company, once valued at $22 billion, faced a decline in popularity after the COVID-19 pandemic. This situation has raised concerns for thousands of employees who are anxious about their compensation and career prospects.
