Market Recap: Nifty Dips, Midcap and Smallcap Surge Amid Mixed Economic News
Market Summary
The benchmark Nifty index fell by 0.27% to close at 24413.5 on 24-Jul. The Nifty Midcap150 index rose by 0.89% to close at 21133.3. The Nifty Smallcap250 index rose by 1.86% to close at 17532.7. The 10yr yield remained unchanged at 7.0%. The rupee remained unchanged at 83.7094 against the US Dollar.
Key News
* India’s business growth at three-month high in July, PMI shows, reports BL
* The union budget has extended the exemption from basic customs duty on the electricity supply by SEZs to domestic tariff area till March 2026, reports FE
* The RBI announced tighter norms for cash pay-out services at banks, effective from November 1, 2024, reports ET
* The Indian government has allocated a record budget of ₽10,000 crore for price stabilization measures aimed at curbing food price volatility, reports ET
* The net credit card additions in the banking sector nearly halved to 2 million in Q1 FY25 from the previous quarter due to seasonal and regulatory factors, reports BS
* The Union Ministry of Road Transport and Highways has announced plans to pilot a global navigation satellite system-based toll collection system on select national highways, complementing the existing FASTag system, reports FE
* Over 70% of intraday traders in the equity cash segment have incurred losses in
FY23, as per SEBI. The number of individuals participating in such trades rose by 300% in the 4 years ending FY23, reports BL
* The government’s food subsidy outgo in FY25 is likely to see a sharp increase against the budget estimate of Rs 2.05 trillion, due to mounting economic costs of PDS rice, with stocks being 3.5 times the buffer at present, reports FE
