Nifty Rallies Amid Mixed Economic Signals: Market Overview for August 26, 2024

Market Summary

The benchmark Nifty index rose by 0.75% to close at 25010.6 on 26-Aug. The Nifty Midcap150 index rose by 0.52% to close at 21758.4. The Nifty Smallcap250 index rose by 0.41% to close at 18081.2. The 10yr yield fell by 1 bps to close at 6.89%.
The rupee lost 0.04% to close at 83.91 against the US Dollar.

Key News

* GDP growth rate likely to decline to 7.1% in Q1, say SBI economists, reports BS
* According to Crisil, Growth in small finance banks is expected to slow down by a few percentage points to 26% this fiscal, from 28% in previous fiscal, reports ET
* India added record solar installations at 15 GW in the first half of the calendar year 2024, an increase of over 282% compared to the first half of 2023, according to Mercom Capital’s latest report on the Indian solar market, reports FE
* Natural gas imports up 7% in Apr-Jul on high demand, data from the Petroleum Planning and Analysis Cell showed, reports FE
* The government allayed fears about any potential spurt in the prices of pulses, onion and potato in the coming festive period, citing adequate monsoon rains, robust kharif sowing and liberal import of lentils, reports FE
* The government may reduce centrally sponsored schemes to 50 from 75 at present by merging some and phasing out those that are no longer relevant, as part of an ongoing rationalization of the schemes, officials said, reports ET
* The RBI is contemplating a staggered implementation of the increase in provisioning for project financing to soften the blow on lenders and give thep time to prepare for any impact on profitability, reports ET
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* The newly approved Unified Pension Scheme, set to provide an assured pension to h eligible central government employees, will bring an ad n of Rs 6,250 crore per year to the exchequer, reports ET