Market Update: Nifty Rises Amid Key Developments in Energy, IPOs, and Policy Shifts

Market Summary

The benchmark Nifty index rose by 0.11% to close at 25383.8 on 16-Sep. The Nifty Midcap150 index rose by 0.34% to close at 22264.7. The Nifty Smallcap250 index rose by 0.16% to close at 18572.9. The currency markets were closed.

Key News

* With global crude prices remaining below $75 in September so far, oil marketing companies have placed spot orders for crude from traditional West Asia suppliers such as Iraq, and UAE, reports BS
* Leading renewable energy (RE) project developers, manufacturing companies, banks, and financial institutions committed close to $386 billion or around Rs 32.45
trillion to the development of RE projects by 2030, reports BS
* RBI Governor Shaktikanta Das has said the decision on interest rate moderation will be based on long-term inflation trajectory and not monthly data, reports ET
* SEBI has decided to shorten the time taken for credit of bonus shares and their subsequent trading to two days from the record date, reports FE
* The government has kick-started work on a new not-for-profit company that will lead both the government and private-sector initiatives in the start-up space, reports FE
* Amid a booming IPO market, banks are pursuing short-term gains. Sebi has revealed that nearly 80% of banks offload their allotted shares within the first week of listing, reports FE
* Finance Minister will launch the NPS Vatsalya scheme on Wednesday, allowing parents to save for their children’s future through a pension account, reports ET
* Union Minister of Road Transport Nitin Gadkari announced that diesel buses used in public transport will be phased out within the next 5 years and replaced by electric buses, reports BL