market-summery-03dec

Summary of the Market

On December 02, the benchmark Nifty Index rose by 0.60% to close at 24276.1. The Nifty Midcap150 Index rose by 0.95% to close at 21105.95. The Nifty Smallcap250 Index rose sharply by 0.70% to close at 17840.1. The Nifty Total Market Index frose by 0.66% to close at 12888.8.The 10yr yield fell by 6 bps to close at 6.73%. The rupee lost 0.16% to close at 84.71 against the US Dollar.

Important Notables

  • The Indian government has removed the windfall tax on domestically produced crude oil and the export of diesel, petrol, and aviation turbine fuel (ATF) with immediate effect, reports BS.
  • India's manufacturing growth fell to an 11-month low of 56.5 in November, down from 57.5 in October, reports Mint.
  • By November 25 of the current fiscal year, India had exported 2,63,050 tonnes of organic food products worth USD 447.73 million, the government announced on Monday, reports ET.
  • India's potential GDP growth is estimated to be in the range of 6.5-7%, says Chief Economic Advisor (CEA) Nageswaran, reports BS.
  • On Monday, the Maharashtra Real Estate Regulatory Authority (MahaRERA) announced that it has recovered over Rs 200 crore from developers to compensate homebuyers for their losses, reports BS.
  • State-owned Coal India Ltd (CIL) reported a 2.4% rise in coal production, reaching 471 million tonnes (MT) during the April-November period of the current financial year, reports BS.
  • Approximately 70-75% of the GST revenues collected in the 2023-24 fiscal year came from the 18% slab, reports ET, citing MOS Finance.
  • The Government of India is set to update the base year for calculating GDP from 2011-12 to 2022-23, with the goal of providing a more accurate representation of the country's economic structure, reports ET.

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