Daily Market Recap: Key Indices Dip, Trade Dependence Shifts, and Major Policy Updates

Market Summary

The benchmark Nifty index fell by 0.07% to close at 24123.8 on 02-Jul. The Nifty Midcap150 index fell by 0.57% to close at 20909.9. The Nifty Smallcap250 index fell by 0.16% to close at 17339.3. The 10yr yield remained unchanged at 7.04%. The rupee lost 0.02% to close at 83.46 against the US Dollar.

Key News

* India’s trade dependence on China, EU rose in Q1 of 2024, says UNCTAD, reports ET
* The government has allowed global tenders to be floated for procurement of 354 medical devices after the health ministry raised concerns over the lack of domestic options, reports ET
* Criteria for passive mutual funds to be eased, Sebi proposes in a consultation paper, reports Mint
* RBI proposes rationalizing regulations on export & import transactions, to promote ease of doing business and empower banks to provide more efficient service to their foreign exchange customers, reports BS
* India’s peak demand for power is expected to touch 260 GW during September or October, power secretary Pankaj Agarwal said on Tuesday, i.e. a 20% surge in such demand in just 2 years, reports FE
* ITC aims accelerating exports: Expands FMCG portfolio to over 70 countries, agro business reaches over 85 countries, reports FE
* The share of Russian crude in Indian imports rose to 42% in June from 37% in May and was more than the combined share of the next 4 largest suppliers, as per energy cargo tracker Vortexa, reports ET
* Indian Railways witnessed a 10% increase in freight loading in June, marking a rare