Markets – Global & India
- US Markets were down by around 0.73% to 1.08%.
- The Brent Crude Oil price is currently at $123 per barrel,
- The US 10-Year G-Sec Yield is at 3.03% while India’s 10-Year G-Sec Yield is at 7.49%.
- India’s Market Cap to GDP ratio currently stands at 107%.
- Nifty PE ratio at 20.30 and Sensex PE ratio at 22.41.
- Rupee at 77.72 per dollar while US Dollar index at 102.60.
- Russia has no extra oil to sign deals with 2 Indian buyers as per the report.
- Russia’s economic slump will wipe out 15 years of gains, as per the report of IIF.
- RBI monetary policy highlights:
- Repo rate hiked by 50 bps to 4.90%.
- Inflation Projection for FY23 at 6.7%.
- GDP forecast for FY23 at 7.2%.
- Stance changed to Withdrawal of Accommodation.
- Credit Cards to be linked to UPI.
- RBI says 75% of the rise in inflation projection for FY23 is due to food.
- RBI ups limits on housing loans from cooperative banks back to affordable housing.
- Revised Limited: For Tier-1 Urban Cooperative Banks (UCB)-> From Rs. 30 Lakhs to Rs. 60 Lakhs.
- For Tier-II UCB-> From Rs. 70 Lakhs to Rs. 1.4 Cr.
- For Rural Cooperative Banks (RCBs)-> From Rs. 20 Lakhs to Rs. 50 Lakhs (Net Worth less than Rs. 100 Cr.)
- For Other RCBs-> From Rs. 30 Lakhs to Rs. 75 Lakhs.
- Use of 10% ethanol-blended petrol saved over Rs. 41,000 Cr. Foreign exchange, says Minister.
- Real Estate stocks surge on RBI measures to improve credit to the sector.
- Vedanta pledges a 5.77% stake in Hindustan Zinc for Rs. 8,000 Cr. term loan.
- Yes Bank to form an alternate Board after the existing restructuring scheme.
- India’s Home Loan Market will double to $600 billion in the next 5 years, said Mr. Deepak Parekh. The current mortgage to GDP in India is at just 11% compared to Asian Economies, with the average mortgage to GDP ratio in the range of 20%-30%.