Market Summary for September 2, 2024: Nifty Edges Higher Amid Mixed Market Movements and Key Economic Developments

Market Summary

The benchmark Nifty index rose by 0.17% to close at 25278.7 on 02-Sep. The Nifty Midcap150 index fell by 0.29% to close at 21862.8. The Nifty Smallcap250 index fell by 0.07% to close at 18157.7. The 10yr yield rose by 2 bps to close at 6.92%. The rupee lost 0.08% to close at 83.91 against the US Dollar.

Key News

* India’s reliance on imports of MSME goods from China is declining steadily, reflecting the country’s efforts to diversify import sources and strengthen domestic production capabilities, reports BS
* The Union Cabinet on Monday announced 7 new schemes with a total outlay of nearly Rs 14,000 crore for the agriculture and allied sectors, reports BS
* India’s outlook remains positive despite the dip in growth in the first quarter of FY25 to 6.7% compared to 7.8% in the previous quarter, as per S&P Global Market Intelligence, reports Moneycontrol
* The commercial vehicles wholesale volume may witness YoY growth of up to 3% in current fiscal year, rating agency Icra said in a report on Monday, reports ET
* India’s Adani Green Energy has approved a $444 million investment deal with TotalEnergies to form a new joint venture, reports ET
* The National Highways Authority of India will monitor approximately 100 toll plazas using GIS-based software to ensure smooth traffic flow on national highways, reports FE
* The country’s coal production rose by 6.48% to 384.08 MT in the first five months of the ongoing fiscal, reports BL
* Manufacturing PMI drops to 57.5 in August, job creation slows, reports BL