Daily Stock Market News Snippets- 7 October 2022

Markets – Global & India

• The US Markets were down by 0.68% to 1.15%
• The Brent Crude Oil price is currently at $94 per barrel.
• India’s 10-Year G-Sec Yield is at 7.48% and US’s 10-Year G-Sec Yield is at 3.82%.
• Rupee at 82.36 per dollar.

Global Economy:

• IMF warns of higher recession risk and a darker global outlook in 2023.
• UK pension funds almost collapsed amid market meltdown: Bank of England. UK mortgage rate climbs above 6%.
• World currency reserves shrink by $1 trillion in record drawdown.

Indian Economy:

• World Bank downgrades India’s economic growth forecast to 6.5% for FY23.
• Services PMI at 54.3 in September; slowest expansion in 6 months amid weak demand.
• Finance Ministry cuts August 2022 spending.

Stock Specific News:

• Titan sees 18% sales growth in the September quarter; adds 105 new stores.
• Cost of spending on digital transformations plateauing: HDFC Bank Parag Rao
• HCL Tech to train up to 18,000 techs, and consulting professionals on Google Cloud
• Poonawalla Fincorp AUM grows 21% YoY to Rs. 3,270 Cr. in the September quarter.
• Dabur India flags up to 200 bps margin hit in Q2 as inflation bites.
• Airtel rolls out 5G Plus in eight cities, with no SIM change required.
• China may be closing in on the top-10 FPI spot in India, shows RTI data