Market Movements & Key Developments: Nifty Index Declines, 5G Smartphone Surge, and Major Policy Updates

Market Summary

The benchmark Nifty index fell by 0.26% to close at 23992.6 on 06-Aug. The Nifty Midcap150 index fell by 0.6% to close at 20611.2. The Nifty Smallcap250 index fell by 0.39% to close at 16871.8. The 10yr yield rose by 2 bps to close at 6.92%. The rupee gained 0.28% to close at 83.91 against the US Dollar.

Key News

* Banks have written off loans worth Rs 9.90 lakh crore in the last five financial years, reports ET
* Insurance companies will have to pay a penalty of 12% to farmers on the claims if there is a delay in claim settlement beyond stipulated period under the Pradhan Mantri Fasal Bima Yojana, reports FE
* Shipments of 5G smartphones in India grew 56% YoY in the Q2 of 2024, taking the share of the next-generation technology enabled handsets to 79% in the market, reports ET
* Target set for six-fold rise in palm oil output by 2032; current output 0.4 MT, reports
FE
* For the upstream spinning sector of the India’s textile and clothing industry, the crisis in Bangladesh could mean loss of orders, reports FE
* Govt allows flexibility in LTCG tax calculation: For assets sold before July 23, taxpayers can choose between the new and old regimes, opting for whichever results in a lower tax liability, reports BS
* Despite PLI push, electronics imports top $20 bn for fifth quarter, reports BS
* The Government is said to be weighing options including a follow-on public offer and qualified institutions placement to dilute a small portion of its 96.5% stake in LIC, reports BL