Market Highlights: Nifty Indices Surge Amid Positive Economic Indicators and Key Developments

Market Summary

The benchmark Nifty index rose by 0.67% to close at 24286.5 on 03-Jul. The Nifty Midcap150 index rose by 0.78% to close at 21072.8. The Nifty Smallcap250 index rose by 0.9% to close at 17494.7. The 10yr yield fell by 1 bps to close at 7.03%. The rupee lost 0.06% to close at 83.51 against the US Dollar.

Key News

* The Union government is contemplating an extension of NPA classification period for loans to MSMEs from the current 90 days to 180 days in the forthcoming FY25
Budget, reports BS
* India initiates anti-dumping probe into import of Chinese lift guide rails, reports BS
* Poverty in India is estimated to have declined to 8.5 per cent in 2022-24 from 21.2 per cent in 2011-12, despite the challenges posed by the pandemic, as per NCAER, reports BS
* India’s services sector saw robust growth in June, driven by strong demand and record export orders, according to the HSBC India Services PMI by S&P Global, reports ET
* Revenues of India’s top 18 states are projected to grow by 8-10% to 738 lakh crore this fiscal year, driven by robust GST collections and central fund devolution, as per a CRISIL Ratings report, reports ET
* India’s rating upgrade likely in 2 years if fiscal deficit falls to 4%: S&P, reports BS
* Solar Energy Corporation of India is planning to float a tender for a concentrated solar thermal power storage project with a capacity of 500 MW by the end of this financial year, reports FE
* The share of quick commerce sales within the e-commerce sales for the FMCG companies now stands at 33-36% against 17-18% a year ago, reports FE