Market Update: Nifty Index Movements, Key Developments, and Economic Highlights for September 13, 2024

The benchmark Nifty index fell by 0.13% to close at 25356.5 on 13-Sep. The Nifty Midcap150 index rose by 0.65% to close at 22190.3. The Nifty Smallcap250 index rose by 0.88% to close at 18543.2. The 10yr yield fell by 2 bps to close at 6.84%.
The rupee gained 0.05% to close at 83.92 against the US Dollar.

Key News

Jan-Dhan accounts: A new option for state-owned banks to mobilize deposits as they face growing pressure to mop up deposits to manage credit growth amid an increasing shift of household savings towards higher-yielding financial instruments reports BS
The government is expected to mandate automakers to recycle a specified amount of steel from old vehicles, a move that is expected to boost the steel circular economy and nudge scrap availability, reports BS
State-owned Oil India Ltd is in discussion with French energy company TotalEnergies for exploration of hydrocarbon blocks off India’s coast, reports FE
Adani group has won a bid to supply 6,600 MW of bundled renewable and thermal power to Maharashtra for the long term after its quote of Rs 4.08 per unit beat the likes of JSW Energy and Torrent Power, reports FE
The Centre has sanctioned 746,000 crore in capex loans to states out of the R1.5 lakh crore allocated for FY25. Of this, 725,000 crore has been released, ET
The RBI plans to comprehensively revamp its currency management infrastructure over the next 4-5 years, mainly to ensure adequate storage and handling capacity to cater to the future cash needs of the growing economy, reports ET
Increasing freight costs, shortage of containers and dependence on major shipping hubs and foreign carriers pose serious challenges to the country’s exports: think tank GTRI, reports BL
Banks have raised more than Rs 50,000 crore in the first five-and-a-half months of the current fiscal by issuing infrastructure bonds as deposit growth had remained slows amid firm credit demand, reports FE