Market Recap: Nifty Drops, Key Policy Announcements, and Industry Updates – 11th September
Market Summary
The benchmark Nifty index fell by 0.49% to close at 24918.4 on 11-Sep. The Nifty Midcap150 index fell by 0.25% to close at 21798.9. The Nifty Smallcap250 index fell by 0.78% to close at 18238.8. The 10yr yield fell by 2 bps to close at 6.87%. The rupee lost 0.01% to close at 83.98 against the US Dollar.
Key News
* India’s Financial Intelligence Unit will review petitions from seven offshore crypto exchanges, including Bitfinex and Kraken, to resume operations, reports ET
* India to impose up to 30% tariffs on some steel imports from China and Vietnam, reports ET
* L&T Semiconductor Technologies, will invest about $300 million over the next three years in setting up fabless semiconductor project, reports FE
* Cabinet allocates Rs 12,461 crore for revised hydro projects scheme, reports BS
* Despite sluggish growth in central government capex from April to July, ministries including housing, road, railways, health, and atomic energy spent more than the average of 24% overall capex, reports BS
* Indian Railways to install cameras in all trains to monitor tracks following suspected derailment attempts, reports FE
* The Union Cabinet approved two major schemes, PM E-DRIVE and PM-eBus Sewa-Payment Security Mechanism, with a total outlay of R14,335 crore to promote the use of EVs, reports BS
* Union Minister Rajiv Ranjan Singh announced plans to boost annual seafood exports to Rs 1 lakh crore from Rs 60,000 crore, reports ET
