Market Pulse: Nifty Stays Flat Amid Rising Crude Imports and Rural Growth Surge

Market Summary

The benchmark Nifty index rose by 0.05% to close at 24823.2 on 23-Aug. The Nifty Midcap150 index fell by 0.53% to close at 21645.7. The Nifty Smallcap250 index rose by 0.12% to close at 18006.6. The 10yr yield remained unchanged at 6.9%. The rupee gained 0.06% to close at 83.9 against the US Dollar.

Key News

* India imported crude oil worth $14.7 billion from Russia in the June quarter, as per government data. This was 25% more than the same period last year, reports BS
* Foreign investors infused Rs 11,366 crore in the Indian debt market so far this month, pushing the net inflow tally in the debt segment to over the Rs 1-lakh-crore mark, reports BS
* The rural resurgence visible in the Rs 5-trillion domestic FMCG market has put the spotlight firmly on the hinterland for companies. FMCG majors are expanding direct distribution, adding small packs to their portfolios to tap rural demand, reports FE
* The Indian government has significantly reduced the drawback rates on gold and silver jewellery exports in response to recent cuts in import duties on these metals, reports FE
* Tata Sons, has sought to voluntarily surrender its certificate of registration to the RBI after repaying more than R20,000 crore in debt, reports ET
* The household (HH) situation in India has continued to deteriorate in recent months, with real income levels persistently declining, highlighted a report by ‘Systematix Institutional Equities’ a brokerage firm, reports ET
* Brazil and India, are strengthening their collaboration in ethanol production technology, thus ending their trade dispute on sugar subsidies at the WTO, reports
FE
* Market researcher NielsenIQ says that rural growth will continue to outpace urban growth for the next few quarters, reports FE