Market News - Jan 22, 2025

[thefiscalalchemist]

Market Summary for Jan 21, 2025

The benchmark Nifty Index fell by 1.37% to close at 23024.7 on 21-Jan. The Nifty Midcap150 Index fell by 1.99% to close at 19946.3. The Nifty Smallcap250 Index fell sharply by 2.12% to close at 16484.1. The Nifty Total Market Index fell by 1.73% to close at 12091.5. The 10yr yield fell by 2 bps to close at 6.75%. The rupee lost 0.06% to close at 86.59 against the US Dollar.

Key News

• Govt plans to announce the third phase of Green Energy Corridor project in the upcoming budget to boost renewable energy transmission for industries like green hydrogen and steel: Budget 2025, reports ET
• Worldwide IT spending is projected to reach $5.61 trillion in 2025, reflecting a 9.8% increase from 2024, at the same time IT spending in India is predicted to increase by 11.1% to $161.51 billion, reports FE
• Govt has disbursed Rs 1,596 crore under the PLI Scheme for six sectors, including electronics and pharmaceutical, in the first half of this financial year, reports FE
• Banks debt up by Rs 88,000 crore in last two weeks of 2024 amid a slowdown in deposit growth to fund loan demand, according to the latest data from the RBI, reports ET
• The monetization in the second phase of NMP will likely be led by highways, mining, power and petroleum, reports FE
• ⁠JSW signs MoU to invest 3 lakh crore in Maharashtra, which will focus on key sectors such as steel, renewable energy, electric vehicles, lithium-ion batteries, solar wafer and cell modules and infrastructure, reports BL
• Reliance Industries signs MoU with VPPL to invest Rs 645 cr in Vadhvan port project, reports BS
• Adani Energy Solutions secures its largest order of ₹25,000 crore for the Bhadla- Fatehpur HVDC project, boosting its order book to ₹54,761 crore, reports ET