Daily Stock Market News Snippets- 8 June 2022

Markets – Global & India

• US Markets were up by around 0.80% to 0.95%.
• The Brent Crude Oil price is currently at $120 per barrel,
• The US 10-Year G-Sec Yield is at 2.99% while India’s 10-Year G-Sec Yield is at 7.52%.
• India’s Market Cap to GDP ratio currently stands at 107%.
• Nifty PE ratio at 20.30 and Sensex PE ratio at 22.48.
• Rupee at 77.67 per dollar while US Dollar index at 102.42.

Global Economy:

• World Bank slashes global growth forecast to 2.9%, warns of stagflation.
• Dollar hits two-decade high against Yen.
• Fundamentals of Oil weaken, witness 1^st surplus since June 2020 as per Goldman Sachs. There is a modest decline in Russian Exports, records large sales by strategic petro reserve, and severe Chinese Lockdowns.

Indian Economy:

• World Bank cut India’s Economic Growth forecast to 7.5% for FY23.
• Bank Credit grows by 11.44% to Rs. 120 Lakh Cr. and deposits by 9.27% to Rs. 165.74 Cr.
• Hiring Demand up 9% in May 2022 led by Telecom, BFSI, and Import-Export Sectors.
• Government to monetize assets worth Rs. 75,200 Cr. in Coal Mining Sector in FY23.

Company Update:

• Adani Group plans wholesale e-commerce and sourcing of Groceries and household goods tie-up with Flipkart.
• SBI steps up infra financing on signs of a pickup in private CAPEX.
• PolicyBazaar owner PB Fintech’s shares slump 11.5% as the CEO divests holdings.
• Adani Group, and Apollo are in talks to buy a majority stake in Metropolis.
• Future Group, its promoters ‘Orchestrated & Committed’  Fraud, says Amazon.
• LIC’s mega Rs. 21,000 Cr. does little to lift the demat account tally in May 2022.
• HDFC Bank hikes lending rates by 0.35%; 2^nd hike in two months.