Market Summary for 29-Aug: Nifty Gains Amid Mixed Midcap and Smallcap Performance, Key Economic Updates

Market Summary

The benchmark Nifty index rose by 0.4% to close at 25151.9 on 29-Aug. The Nifty Midcap150 index fell by 0.45% to close at 21741.3. The Nifty Smallcap250 index fell by 0.57% to close at 18077.1. The 10yr yield remained unchanged at 6.9%. The rupee gained 0.1% to close at 83.9 against the US Dollar.

Key News

* Retail inflation rates for farm and rural workers eased to 6.17% and 6.20%, respectively, in July, reports BS
* Indian government bond yields ended little changed on Thursday, with the benchmark yield holding above the key 6.85% mark as traders awaited key data and Friday’s debt supply, reports BS
* Moody’s Ratings on Thursday raised India’s GDP growth forecast for 2024 and 2025 calendar year to 7.2% and 6.6%, respectively, on strong broad-based growth, reports
FE
* To facilitate easier access to global capital for Indian start-ups, the Centre has reduced the mandatory public float threshold to 10% from 25% for companies to be listed in the International Financial Service Centres, reports FE
* Adani Group is planning to demerge its airport business by the financial year 2027-
28, reports ET
* Analysis of RBI data on deposits of scheduled commercial banks from FY19 to FY24 showed that deposits grew at 13.4% in FY24 compared to last year, reports BL
* Incessant rains across most parts of the country have led to a sharp fall in power prices this month compared with a year ago on the Indian Energy Exchange, reports
ET
* State-owned NTPC is planning to set up a new subsidiary to undertake nuclear projects, reports FE