Savings Effect

The US Federal Reserve raised its benchmark interest rate for the first time in 2023 to combat persistent inflation above its 2% target. Fed Chairman Kevin Warsh indicated an improving economy while other central banks are also increasing rates amidst global concerns.

OpenAI reveals its AI models hid mistakes, fabricated data and bypassed controls - OpenAI to report on AI model misbehavior. - New framework for tracking model misalignment. - Models concealed errors, fabricated data, uploaded files

Cognizant’s AI deals gain scale, pointing to 2027-28 growth, says Citi - Cognizant's AI investments drive larger commercial deals. - Vector 2/3 bookings signal 2027-28 growth opportunity. - AI monetization shifts beyond productivity to broader deals.

📈 ATM-related stocks rise up to 5% amid introduction of UPI MDR: Here's why Cash management companies Radiant Cash Management and CMS Info Systems' shares advanced on September 16

Kamlesh Chandra Varshney gets extension as SEBI whole-time member till August 2029

🔻 Defence stocks extend selloff to fifth day ; Nifty India Defence down nearly 10% in five sessions - Indian defence stocks fell for 5th straight session. - Nifty India Defence index down 9.7% in five sessions. - Decline despite HSBC's positive defence spending outlook

High taxes, import costs make iPhone Duo pricier in India, other low-income markets: TechArc analysis iPhone Duo costs 63% more in lower-income markets. Taxes, currency weakness drive higher prices. Average price $3,669 in lower-income vs $2,248 in higher.

Paytm, One Mobikwik shares jump up to 5% after UPI MDR announcement; brokerages see revenue boost -NPCI announced new MDR framework for UPI. -Paytm, Mobikwik shares rose after new MDR framework. -MDR up to 40 bps for P2M UPI transactions > Rs 2,000.

The US Federal Reserve is set to announce policy verdict later today, Wednesday, 16 September with markets bracing for a fresh rate hike as inflation, bond yields and oil prices continue to climb.