market-summery-22nov

Summary of the Market

On November ​​​2​1, the benchmark Nifty Index fell by 0.72% to close at 23349.9. The Nifty Midcap150 Index fell by ​0.38% to close at 20180.9. The Nifty Smallcap250 Index fell by 0.58% to close at 16747.8. The Nifty Total Market Index fell by 0.83% to close at 12302.6. The 10yr yiel​d rose by 2​ to close at 6.84%. The rupee ​​l​ost 0.13% to close at 84.47 against the US Dollar.

Important Notables

  • According to BS, India is expected to rank 5th globally in terms of airline seat capacity by 2024, with a projected growth of 12.7% compared to pre-pandemic levels in 2019.
  • ​RBI remains firm on 4% inflation target, rules out near-term rate cuts: ET report.
  • Goldman Sachs expects a 50 bps RBI rate cut by June 2025, starting in Q1, and lowers India’s FY25 growth forecast to 6.4%, citing a cyclical slowdown and strong dollar impact: ET report.
  • India's net inflows from ECBs climbed to $7.9 billion in ​F​irst half FY25, up from $6.8 billion a year earlier, as per RBI data: BS report.
  • Staples​ Edible oil and spices see double-digit growth as consumers focus on essentials, hinting at a demand recovery despite the economic slowdown: ET report.
  • RBI net bought $9.6 billion in September, a six-month high, to counter rupee appreciation from strong foreign inflows, easing volatility but sparking export competitiveness concerns: ET report.
  • ​Microfinance lending in Uttar Pradesh rose 10% YoY to ₹40,840 crore by September 2024, led by Eastern UP. The average loan size grew 15%, highlighting the sector's increasing traction: BS report.

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