Market Overview and Key News Highlights: August 13, 2024

Market Summary

The benchmark Nifty index fell by 0.85% to close at 24139.0 on 13-Aug. The Nifty Midcap150 index fell by 0.77% to close at 21044.9. The Nifty Smallcap250 index fell by 1.24% to close at 17177.4. The 10yr yield remained unchanged at 6.92%. The rupee gained 0.03% to close at 83.95 against the US Dollar.

Key News

* Slowing consumer demand, growth risks fuel calls for interest rate cuts, reports BS
* The Union government may consider extending the import management system for laptops and other IT hardware products for a few months, reports BS
* Govt kick-starts revamp of Centrally Sponsored Schemes, reports FE
* The government is considering a proposal to increase ethanol prices for the next season commencing November 2024, while it aims to achieve the 20% blending target by 2025-26, reports FE
* Vodafone Idea CEO Akshaya Moondra on Tuesday said the company has seen its subscribers porting out to state-owned BSNL following the recent tariff hikes, reports FE
* Out of ‘FAME’: As India reduces subsidies for EVs, sales drop highlights the need for a better plan, reports ET
* The government is planning to release the results of the Annual Survey of Service Sector Enterprises by the end of the year, which would help create a base for GDP revision, reports Moneycontrol
* Foreign banks see the window for RBI rate cuts opening only in December this year despite food price pressures likely to have peaked in July, reports BL