Market Update: Nifty Gains and Key Economic Developments – July 1, 2024

Market Summary

The benchmark Nifty index rose by 0.55% to close at 24141.9 on 01-Jul. The Nifty Midcap150 index rose by 0.95% to close at 21029.9. The Nifty Smallcap250 index rose by 1.5% to close at 17367.7. The 10yr yield remained unchanged at 7.04%. The rupee lost 0.08% to close at 83.44 against the US Dollar.

Key News

* GST collections came in at Rs 1.74 trillion in June (May transactions), up 8% on year, according to official sources, reports FE
* The wheat procurement drive for FY25 rabi marketing season by the government agencies came to an end with purchase of 26.6 MT of grain from farmers, 1.5% higher than the last season, reports FE
* India to see above-average rainfall in July, IMD says, reports ET
* The Centre will likely ramp up its target for monetization of brownfield assets in the current FY to a record Rs 2 trillion in 2024-25, up from the original goal of Rs 1.67
trillion, reports FE
* New projects in April-June down over 90% to lowest on record, shows data, reports
BS
* RBI on Monday said 97.87% of the Rs 2000 denomination banknotes have returned to the banking system, and only Rs 7,581 crore worth of the withdrawn notes are still with the public, reports ET
* Growth in the Indian manufacturing sector recovered some of the ground lost in
May, as the headline PMI figure released by HSBC on Monday rose to 58.3 from 57.5 in May, reports BS
* Passenaer vehicle sales in India remained slugaish for the third consecutive month