Summary of the Market
On February 03, the benchmark Nifty Index rose by 0.52% to close at 23361.1. The Nifty Midcap150 Index fell by 0.98% to close at 19579.2. The Nifty Smallcap250 Index fell by 1.74% to close at 15677.7. The Nifty Total Market Index fell by 0.86% to close at 12053.5.The 10yr yield fell by 2 bps to close at 6.69%. The rupee lost 0.49% to close at 87.07 against the US Dollar.
Important Notables
- Crisil: India’s Current Account Deficit (CAD) to Reach 1.3% of GDP in FY26 Due to Export Challenges from Trump’s Trade Policies, reports Mint.
- India’s Manufacturing Growth Hits Six-Month High in January, with HSBC India Manufacturing PMI Rising to 57.7, Fueled by Surge in New Export Orders.
- Fitch Ratings: India’s Gradual Debt Reduction Poses Downside Risks to Sovereign Ratings in Case of a Major Economic Shock, reports BS.
- Budget Proposals for Income Tax Cuts and Tax Changes to Help Banks Mobilize Rs 40,000-45,000 Crore in Additional Deposits, says Financial Services Secretary M Nagaraju, reports ET.
- Despite a Dip in the First Half, the Central Government Will Continue Focusing on Capital Expenditure in the Final Quarter of FY25 and the Year Ahead, says Expenditure Secretary, reports Mint.
- Swiss Companies Express Interest in Investing in Rajasthan’s Key Sectors, Fueled by the Momentum of ‘Rising Rajasthan’ Global Investment Summit 2024, reports BS.
- India Weighs Accepting Russia’s Mir Payment System for Electronic Fund Transfers, Potentially Easing Transactions for Russian Visitors, reports ET.
- Bharat Petroleum Corporation Limited (BPCL) to Increase Capital Spending by 42% to Rs 18,500 Crore in 2025-26, Focusing on Refining, Marketing, and Petrochemicals.
