Daily Market Recap and Key Economic Updates for July 8, 2024

Market Summary

The benchmark Nifty index fell by 0.01% to close at 24302.55 on 08-Jul. The Nifty Midcap150 index fell by 0.30% to close at 21289.35. The Nifty Smallcap250 index fell by 0.26% to close at 17665.75. The 10yr yield remained unchanged at 7.02%.
The rupee lost 0.01% to close at 83.50 against the US Dollar.

Key News

* The Labour Ministry rebuts Citigroup’s report on employment predicting that India will struggle to create sufficient employment opportunities even with a 7% growth rate, reports BS
* CNG price in Mumbai has been hiked by Rs 1.50 per kg and the rate of cooking gas piped to houses by Rs 1 due to rise in input costs, reports BS
* The number of informal firms in India increased 9% to 65 million in 2022-23 from 59.7 million in 2022-21, data released by the Ministry of Statistics and Programme Implementation, reports FE
* India’s employment provisionally grew by 6% in FY24 compared to 3.2% in FY23, according to RBI data, reports FE
* Protesting farmers seek support from non-NDA MPs for MSP guarantee legislation through private members’ bills before the upcoming budget session, reports ET
* India, top rice exporter, might ease export limits before October’s crop. Plans include fixed duties on white rice and removing the 20% tax on parboiled rice to reduce Asian prices, aiding West Africa and Middle East, reports ET
* Domestic demand for petroleum products rose 2.6% year-on-year in June, reports
ET
* The Centre is procuring onions at a price 74% higher than last year in Maharashtra, India’s primary onion growing region, ahead of assembly polls later this year, reports
ET