Daily Stock Market News Snippets- 27 May 2022

Markets – Global & India

• US Markets were up by around 1.61% to 2.68%.
• The Brent Crude Oil price is currently at $114 per barrel,
• The US 10-Year G-Sec Yield is at 2.76% while India’s 10-Year G-Sec Yield is at 7.29%.
• India’s Market Cap to GDP ratio currently stands at 107%
• Nifty50 PE Ratio is at 19.88 and Sensex PE is at 22.03.

Currency & Dollar Index:

• Indian Rupee currently stands at Rs. 77.63 per dollar.
• The dollar index is at 101.71 from the earlier 102.06

Economy:

• US Economy contracted by 1.5% in Q1, but consumers kept spending.
• Total FPI outflows at Rs. 2 Lakh Cr. since October 2021, more than 40,000 Cr. in May 2022.
• Moody’s slashes India’s CY22 GDP growth forecast by 30 bps to 8.8% but maintains the CY23 forecast at 5.4%

Company Update:

• BPCL’s strategic disinvestment was called off. The government says bidders backed off with the oil/gas sector hit by the geopolitical situation.
• Bets shift to dividend yield stocks amid market jitters.
• Cheaper steel to delay auto price hikes, but no cut likely.
• SJVN inks pact with Tata Power Solar System for 1,000 MW Solar Project, will invest Rs. 5,500 Cr.
• ONGC to invest Rs. 31,000 Cr. over the next 3 years in finding oil & gas. ONGC to sell the stake seeks global oil firm’s help to develop oil fields.