Market Summary for 28-Aug: Nifty Gains Amid Mixed Mid and Small Cap Performance; Key Economic Developments

Market Summary

The benchmark Nifty index rose by 0.14% to close at 25052.3 on 28-Aug. The Nifty Midcap150 index fell by 0.14% to close at 21838.7. The Nifty Smallcap250 index fell by 0.22% to close at 18180.3. The 10yr yield remained unchanged at 6.9%. The rupee lost 0.06% to close at 83.98 against the US Dollar.

Key News

* India is considering an increase in import taxes on vegetable oils to help protect farmers reeling from lower oilseed prices, two government sources said, reports BS
* The Cabinet Committee on Economic Affairs has greenlit the development of 12 industrial smart cities across 6 major industrial corridors in 10 states, with an estimated investment of Rs 28,602 crore, reports BS
* The Cabinet Committee on Economic Affairs has approved 3 railway projects with a total estimated cost of Rs 6,456 crore, a statement from the Ministry of Railways said, reports BS
* The Union Cabinet on Wednesday approved central financial assistance to the state governments of the north eastern regions towards their equity participation for development of 15 GW of hydroelectric projects, reports FE
* Union Cabinet approved the expansion of Agricultural Infrastructure Fund, reports ET
* ⁠• The Centre has proposed to allow the sale of raw sugar in the domestic market, replacing the 6-decade old regulation which allowed only export of the commodity, reports ET
* The Competition Commission of India has approved a mega $8.5-billion merger deal involving Reliance Industries, Viacom18, and Disney’s media assets in India, reports BL
* A month-long rally in metals paused on Wednesday as concerns over demand from top consumer China and a rebound in the U.S. dollar triggered selloffs from funds and producers, reports BL