Nifty Rises While Midcap150 and Rupee Face Declines Amid Positive Consumption Growth Forecasts

Market News

The benchmark Nifty index rose by 0.62% to close at 23868.8 on 26-Jun. The Nifty Midcap150 index fell by 0.26% to close at 20680.7. The Nifty Smallcap250 index rose by 0.21% to close at 17095.7. The 10yr yield rose by 1 bps to close at 7.02%.
The rupee lost 0.16% to close at 83.57 against the US Dollar.

Key News

* India’s consumption growth is expected to average 6.1% in FY25 and 6% in FY26. improving from 4% in 2023-24: Morgan Stanley Research, reports ET
* India allowed limited imports of corn, crude sunflower oil, refined rapeseed oil, and milk powder under the tariff-rate quota, where importers pay nil or lower duty, as New Delhi tries to bring down food inflation, reports ET
* After the pandemic, the corporate sector has acquired a larger share of India’s savings as households ceded their share, but they still reported a relatively lower increase in the financing of capital formation, according to official data, reports FE
* In one of the shortest spectrum auctions, which concluded in less than one-and-a-half days, Bharti Airtel sprang a surprise by acquiring the maximum airwaves at Rs 6,857 crore, reports FE
* Vodafone Idea said the company is in talks with Samsung to deploy its 4G and 5G radio access network solutions. Over the past 12-18 months, the 2 companies have conducted network trials in Chennai, reports FE
* India’s current account surplus in the 4th quarter of the 2023-24 fiscal was aided by narrowing of the merchandise trade deficit, an increase in remittances and a surplus in services trade: CRISIL report, reports BS
* Mumbai, Bengaluru drive office leasing in H1; Chennai, Pune, Delhi see dips, reports

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