market-summery-8nov

Summary of the Market

On November 0​​6, the benchmark Nifty Index fell by 1.16% to close at 24199.3. The Nifty Midcap150 Index fell by 0.49% to close at 21194.8. The Nifty Smallcap250 Index fell by 0.62% to close at 17914.6. The Nifty Total Market Index fell by 0.96%to close at 12870.5. The 10yr yield fell by 1 bps to close at 6.79%. The rupee remained unchanged at 84.32 against the US Dollar.

Important Notables

  • According to a report by NielsenIQ published in BS, rural demand drove the FMCG sector's growth to 5.7% in value and 4.1% in volume for the July-September quarter.
  • ​India’s goods and services exports are projected to exceed USD 800 billion this fiscal year, driven by government support and the competitiveness of domestic products, according to Sakthivel, as reported by ET.
  • The rupee has hit a new low of 84.32 per dollar, impacted by foreign investor equity sell-offs and rising crude oil prices, reports BS.
  • India’s smartphone market emerged as the second-largest globally by unit volume and the third-largest by value in Q3 FY24, according to a report by BS.
  • The IBBI has proposed quicker ownership transfers for buyers in insolvent real estate projects, subject to creditor approval, reports ET.
  • E-way bills reached a record high of 117.25 million in October, marking a 17% year-on-year increase driven by festive season demand, reports Mint.
  • ​India’s economy could encounter short-term challenges if Trump secures a second presidency, including potential rupee weakening, imported inflation, and reduced exports to the U.S.; foreign portfolio investments (FPIs) may also slow due to protectionist policies, reports FE.
  • Ahead of the 2025-26 Budget, industry bodies are calling for a reduction in the peak tax rate for partnerships and LLPs to 25%, lower taxes on interest income, simplified TDS rates, and an extension of the RoDTEP scheme for exports, reports FE.

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