market-summery-21mar

Summary of the Market

On March 20, the benchmark Nifty Index rose by 1.24% to close at 23190.7. The Nifty Midcap150 Index rose by 0.55% to close at 18948.4. The Nifty Total Market Index rose by 0.98% to close at 11843.5. The 10yr yield fell by 2 bps to close at 6.67%. The rupee lost 0.05% to close at 86.36 against the US Dollar.

Important Notables

  • Goyal urges the services sector to outpace merchandise exports in FY26 to accelerate India's trade growth, reports ET.
  • The Cabinet has approved a ₹1,500 crore scheme to boost UPI transactions under ₹2,000 for small merchants, effective April 1, reports BL.
  • India's steel imports may decline by 50% in FY26 as safeguard measures take effect, say experts, reports ET.
  • Maharashtra, Kerala, and Tamil Nadu accounted for over half of India's $118 billion remittances in FY24, reports ET.
  • The Income Tax Dept says two-thirds of the ₹43 lakh crore pending tax demand is hard to recover due to litigation and untraceable defaulters, reports ET.
  • Fresh formal hiring fell for the second straight month in January, according to EPFO data, reports BS.
  • Net ECB inflows surged to $18.4 billion in April-January FY25, doubling due to lower borrowing costs and improved investor sentiment, reports BS.

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