Market Moves & Key Updates: Nifty Soars, Key Developments, and Sectoral Insights

Market Summary

The benchmark Nifty index rose by 1.27% to close at 24297.5 on 07-Aug. The Nifty Midcap150 index rose sharply by 2.2% to close at 21063.7. The Nifty Smallcap250 index rose sharply by 2.39% to close at 17274.9. The 10yr yield fell by 1 bps to close at 6.91%. The rupee lost 0.05% to close at 83.95 against the US Dollar.

Key News

* Kotak Mahindra Prime, the auto financing arm of Kotak Mahindra Bank, is betting big on the SUV and used car segment to expand its 730,000-crore book, reports ET
* Bharti Airtel and Reliance Jio have ramped up efforts to expand their fixed wireless access, helping them monetise 5G airwaves and boost data usage, reports ET
* Union Road Transport Minister Nitin Gadkari: The government will allow mixing of lignin up to 35% in petroleum-based bitumen, a large part of which is imported from other countries, reports BS
* Electric vehicles and plug-in hybrids likely surpassed 50% of all vehicles sales in China for the first time in July, even as the overall number of cars sold fell, marking a key milestone in the country’s auto market, reports BS
* Power sector lenders are unlikely to have an impact on their debt servicing cost after the Bank of Japan raised its policy rate to 0.25%, reports FE
* Private banks have outperformed public sector banks in deposit growth during the 1st quarter. Private banks have increased their deposits by 12-35% YoY whereas public sector banks have only managed a growth range of 5-13%, reports FE
* The RBI MPC started its 3-day meeting on Tuesday, with analysts largely predicting that the benchmark interest rate will remain unchanged, reports FE
* Reliance Industries secured over $7 billion in various offshore financing initiatives in FY24, and it would continue to monitor financial markets to seize suitable opportunities, reports BL