Daily Stock Market News Snippets- 3 June 2022

Markets – Global & India

• US Markets were up by around 1.33% to 2.69%.
• The Brent Crude Oil price is currently at $118 per barrel,
• The US 10-Year G-Sec Yield is at 2.92% while India’s 10-Year G-Sec Yield is at 7.43%.
• India’s Market Cap to GDP ratio currently stands at 109%

Economy:

• Prices of wheat, sugar, and rice are declining after government measures said Food Secretary.
• Exports in May up by 15.46% to $37.29 billion, trade deficit widens to $23.33 billion.
• Digital Payments in India are projected to reach $10 Trillion by 2026 as per the report.
• Ultratech Cement to invest Rs. 12,886 Cr. towards capacity expansion by FY25.
• OPEC is likely to agree bigger output hike of 6,00,000 barrels per day for July.
• India gorges on cheap Russian crude, but its fuel exports are at risk.

Sector Update:

• Bank Credit to NBFCs increases 10% to Rs. 10.5 Lakh Cr. in FY22.
• MF’s debt exposure to NBFCs rises 14.3% to Rs. 1.7 Lakh Cr. in March 2022.

Company Update:

• Axis Bank Chief Economist sees repo rate at 5.75% by the end of this fiscal.
• Fire breaks out at Deepak Nitrite’s GIDC plant.
• India Incorporation’s profit rises 28% in the March quarter, banks contribute the most.