Market Overview: Nifty Slumps, Key Economic Indicators, and Global Financial Turbulence

Market Summary

The benchmark Nifty index fell sharply by 2.68% to close at 24055.6 on 05-Aug.
The Nifty Midcap150 index fell sharply by 3.52% to close at 20734.8. The Nifty Smallcap250 index fell sharply by 4.18% to close at 16937.9. The 10yr yield fell by 1 bps to close at 6.9%. The rupee lost 0.49% to close at 84.15 against the US Dollar.

Key News

* The government has collected Rs 8,263 crore towards GST on health insurance premium in 2023-24 fiscal year, Parliament was informed on Monday, reports ET
* The government on Monday said assets worth Rs 3.86 lakh crore have been monetized in 3 years to 2023-24, with a major chunk coming from the coal sector, reports ET
* Domestic exporters on Monday expressed concerns over the crisis in Bangladesh and said the developments in the neighbouring country would have implications on bilateral trade, reports ET
* India’s services activity remained robust during July, as the HSBC services PMI stood at 60.3, data released by S&P Global showed, reports FE
* Citing sufficient supplies of sugar for domestic consumption and ethanol production, Indian Sugar Mills and Bio-Energy Manufacturers Association has urged the government to lift the restrictions on sugar exports, reports FE
* An analysis of 488 companies that have released their results for the June 2024 quarter reveals a 1.6% YoY drop in combined net profit, the weakest performance in the past 7 quarters, reports BS
* Public-sector banks’ NPA associated with the Mudra loan category have declined to 3.4% in 2023-24: Finance Minister Nirmala Sitharaman, reports BS
* Global financial markets tumbled on Monday as fears of a US recession, tensions in West Asia and the unwinding of yen carry trades in Japan spooked investors, reports
BL