Summary of the Market
On April 4th, the markets witnessed a significant downturn. The benchmark Nifty Index declined by 1.49%, settling at 22,904.4. The Nifty Midcap150 dropped more steeply, falling 2.93% to close at 18,675.3, while the Nifty Smallcap250 saw a sharper dip of 3.3%, ending at 14,780.5. The broader Nifty Total Market Index also declined by 2.12%, closing at 11,690.5. Meanwhile, the 10-year bond yield eased by 3 basis points, landing at 6.53%, and the Indian rupee weakened slightly by 0.14%, finishing at 85.4 per US Dollar.
Important Notables
- Economists widely expect the Reserve Bank of India to reduce the policy interest rate by 25 basis points, citing signs of easing domestic inflation, according to ET.
- Welspun One Logistics Parks has secured ₹2,300 crore in funding from NaBFID to develop a logistics park at JNPA, Navi Mumbai, reports ET.
- Swiggy has been issued a ₹7.6 crore tax notice by Pune’s profession tax department for FY22, with total outstanding demands now nearing ₹167 crore, reports ET.
- Jindal Power and Sev.en Global Investments are in the race to acquire the 1,320-MW Jhajjar thermal power project from Apraava Energy, amid rising demand for coal-based power, reports ET.
- With banks exercising caution on unsecured lending, borrowers are increasingly opting for loans backed by fixed deposits, shares, and gold jewellery, reports ET.
- In efforts to combat financial fraud, banks plan to tighten controls on ‘mule’ accounts by linking voter ID cards and Form 60 to the Election Commission database and capping transaction limits, reports ET.
- Women now own 39.2% of bank accounts in India, with rural regions leading at 42.2% ownership, reports ET.
- A new CPI series will track housing inflation in rural areas, reflecting evolving consumption habits and the growth of rental markets beyond urban centers, reports BS.
