market-summery-20mar

Summary of the Market

On March 19, the benchmark Nifty Index rose by 0.32% to close at 22907.6. The Nifty Midcap150 Index rose sharply by 2.37% to close at 18844.4. The Nifty Smallcap250 Index rose by 1.99% to close at 14807.0. The Nifty Total Market Index rose by 1.05% to close at 11728.3. The 10yr yield fell by 1 bps to close at 6.69%. The rupee gained 0.28% to close at 86.32 against the US Dollar.

Important Notables

  • Fitch Ratings projects India's GDP growth at 6.5% in 2025-26, slightly easing to 6.3% in 2026-27, reports FE.
  • The DGTR has proposed a 12% provisional safeguard duty on select steel products for 200 days to shield Indian steelmakers from rising imports, reports ET.
  • The Union Cabinet has cleared a ₹1,500 crore incentive scheme to boost UPI transactions under ₹2,000 for small merchants, starting April 1, 2024, reports ET.
  • The Cabinet Committee on Economic Affairs has approved a 6-lane greenfield highway in Maharashtra, to be built on the BOT model with an investment of ₹4,500 crore, reports ET.
  • India's exports of key items, including petroleum products, iron ore, gems and jewellery, oil seeds, and ceramics, saw a double-digit decline in February, reports BS.
  • The US, UK, Singapore, Canada, and Australia collectively contributed over half of India's remittances in FY24, reports BS.
  • India's agricultural and processed food exports grew over 13% YoY to $22.67 billion during April-February of the current fiscal, reports FE.
  • The Finance Ministry will decide on the continuation of sovereign green bonds after three years, reports BL.

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