Market2

Summary of the Market

On October 28, the benchmark Nifty Index rose by 0.66% to close at 24339.2. The Nifty Midcap150 Index rose by 0.64% to close at 20695.6. The Nifty Smallcap250 Index rose by 1.15% to close at 17151.6. The Nifty Total Market Index rose by 0.7%to close at 12757.5. The 10yr yield rose by 2 bps to close at 6.83%. The rupee gained 0.01% to close at 84.08 against the US Dollar.

Important Notables

  • According to BS, Nomura, the Japanese brokerage, the Indian economy has entered a phase of cyclical growth slowdown, and the Reserve Bank's estimate of 7.2% GDP growth is too optimistic.
  • FE reports that Indian Bank's total business grew 10% YoY to Rs 12.44 lakh crore for the latest quarter, with deposits increasing by 8% to Rs 6.93 lakh crore and advances increasing by 12% to Rs 5.51 lakh crore.
  • Moneycontrol reports that favorable agricultural conditions coupled with a better harvest will likely push rural demand up in the coming months, according to the finance ministry's September economic review.
  • Moneycontrol reports that despite India's 6.2% growth in 2023, its per capita emissions remained lower than others, according to the UN Emissions Gap Report, 2024.
  • The Prime Minister will launch projects worth Rs 12,850 crore, including the extension of free health coverage (PM-JAY) to senior citizens over 70, according to the Financial Express.
  • BL reports that RBI has advised NBFCs, especially upper-layer NBFCs, to maintain at least 25% of their overall borrowings through capital market instruments, such as commercial papers, NCDs and external commercial borrowings.
  • ET reports that a GST Council panel is proposing to expand the definition of affordable housing from 45 lakhs to 55 lakhs, potentially boosting the sector.
  • The price of oil fell by around $4 a barrel after Israel's retaliatory strike on Iran at the weekend bypassed oil and nuclear facilities and did not disrupt energy supplies.

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