Market Update: Nifty Index Dips Amid Mixed Sector Performance and Key Economic Developments

Market Summary

The benchmark Nifty index fell by 0.14% to close at 24010.6 on 28-Jun. The Nifty Midcap150 index rose by 0.52% to close at 20831.9. The Nifty Smallcap250 index rose by 0.66% to close at 17111.1. The 10yr yield rose by 1 bps to close at 7.04%.
The rupee gained 0.08% to close at 83.37 against the US Dollar.

Key News

* India’s GDP calculations set for an upgrade as Ministry of Statistics and Programme
Implementation sets up panel to revise base year, reports ET
* Retirement fund body EPFO’s gross new subscribers’ addition declined by over 4% to 1.09 crore in 2023-24 compared to a year ago, as per a report by Ministry of Statistics & Programme Implementation, reports ET
* It is not only high food inflation, but incomplete transmission of the 250 basis point policy rate hikes since May 2022 could delay reversal of the rate cycle by the RBI, reports ET
* Centre to issue mineral exploration rights, takes the task away from states, reports
* Exports of goods and services from India are expected to cross $800 billion by the end of the current financial year despite external headwinds, reports BS
* Investments by companies and departmental agencies of the Central government fell by a third on year to Rs 96,000 crore in April-May of the current financial year, reports FE
* Fiscal deficit drops to under 5% from 9% levels in the past four years, reports FE
* The Centre will likely ramp up its target for monetization of brownfield assets in the current financial year to a record Rs 2 trillion in 2024-25, up from the original goal of Rs 1.67 trillion, reports FE

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