Market Wrap: Nifty Ends Flat, Key Economic Developments and Sectoral Insights – 24th September

Market Summary

The benchmark Nifty index rose by 0.01% to close at 25940.4 on 24-Sep. The Nifty Midcap150 index rose by 0.31% to close at 22493.5. The Nifty Smallcap250 index fell by 0.21% to close at 18583.3. The 10yr yield fell by 1 bps to close at 6.81%. The rupee lost 0.15% to close at 83.67 against the US Dollar.

Key News

* Tax officers have detected around 10,700 fake GST registrations involving Rs 10,179
crore in evasion, reports ET
* Indian banks are planning to issue more certificates of deposit to meet the year-end loan demand as attracting deposits remains difficult, reports ET
* The Centre on Tuesday extended the import management system for laptops and other IT hardware products till December, reports BS
* Apex exporters body FIEO urges Centre to extend interest subvention scheme for 5 years, to help increase credit flow in the sector to boost the country’s shipments, reports BS
* Slowing Indian economy to drag Asia-Pacific (APAC) growth in 2025: Moody’s Analytics, reports BS
* Most members in the Group of Ministers of the GST Council are not in favour of any relief to the real estate sector regarding the tax incidence on collaborative ventures between developers and landowners, reports FE
* S&P Global ratings has kept its forecast for India’s GDP growth for the current financial year at 6.8%, and predicted 2 rate cuts by the RBI by the current financial year, reports FE
* Festive and wedding season and increasing preference for fast fashion is expected to help the organized retail apparel sector log 8-10% revenue growth this financial year, reports BL