market-summery-28nov

Summary of the Market

On November 2​​7, the benchmark Nifty Index ​​r​ose by 0.33% to close at 24274.9. The Nifty Midcap150 Index rose by 0.5% to close at 20838.2. The Nifty Smallcap250 Index rose sharply by 1.02% to close at 17552.7. The Nifty Total Market Index rose by 0.61% to close at 12799.2.The 10yr yiel​d rose by ​​2 bps​ to close at 6.82%. The rupee ​​l​ost 0.13% to close at 84.41 against the US Dollar.

Important Notables

  • ET reports that India’s fiscal deficit is expected to be 19 basis points lower at 4.75% of GDP in 2024-25 than budgeted, due to fiscal discipline and slower economic activity in the first half of the year, according to India Ratings and Research.
  • ET reports that HDFC Securities has decided to close its franchisee business to streamline operations and improve service quality.
  • BS reports that slower corporate wage growth has impacted consumer demand in recent quarters, due to a deceleration in salary and wage growth across corporate India.
  • BS reports that the Adani group has experienced a sharp decline in market capitalization and equity valuation over the past two years, with erosion starting months before the January 2023 Hindenburg Research report.
  • FE reports that the government has auctioned nine out of ten coal mines, expecting to generate an annual revenue of ₹1,446 crore as these mines go on stream.
  • FE reports that, citing rising import dependence to meet domestic consumption, the domestic aluminum industry has urged for policy measures to 'safeguard' the market and create a favorable environment for new investments.
  • Moneycontrol reports that state-run BPCL plans to commission its first sustainable aviation fuel facility by 2027, in line with the government's blending mandate.
  • BL reports that auto dealers in the country have urged state governments to implement the Centre's Scrappage Policy, allowing older vehicles to be scrapped for incentives, which would help boost vehicle sales.

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