Market Overview: Nifty Indices Rise, Key Infrastructure Growth Slows, and Noteworthy Financial Developments

Market Summary

The benchmark Nifty index rose by 0.38% to close at 24951.2 on 31-Jul. The Nifty Midcap150 index rose by 0.51% to close at 21860.9. The Nifty Smallcap250 index fell by 0.2% to close at 17948.0. The 10yr yield remained unchanged at 6.97%. The rupee gained 0.04% to close at 83.7 against the US Dollar.

Key News

* The output of India’s eight key infrastructure industries expanded by 4% YoY in June, the slowest growth in 20 months, reports BS
* The World Bank’s Multilateral Investment Guarantee Agency (MIGA) is to bolster its partnership with India substantially to help boost the country’s energy transition and other development initiatives, reports ET
* Foreign bank’s purchases of Indian bonds hit record high in 2024, reports
Moneycontrol
* India’s fiscal deficit for the first quarter of this fiscal year through June stood at 1.36 lakh crore rupees, or 8.1% of annual estimates, reports ET
* Society for Worldwide Interbank Financial Telecommunications (SWIFT), the global specialist in financial transactions, is launching an artificial intelligence (Al)-driven pilot in partnership with Axis Bank to help combat payment fraud occurring in cross-border payments, reports ET
* Fractal Analytics has hired Morgan Stanley, Kotak Mahindra Capital and Axis Capital as bankers for its initial public offering (IPO) that could be worth $400-500 million, reports ET
* Incentives worth Rs 9,721 crore claimed under PLI scheme for 9 sectors, reports
Moneycontrol
* India reduced the windfall tax on domestically produced petroleum crude to Rs 4,600 per tonne from Rs 7,000 per tonne due to a drop in crude prices, reports ET