• Nifty continues to trade in an uptrend inspite of the minor pullback moves that we saw during last week. The index recovered from the support of 21500 which would be seen as the important support in the coming week as well. FIIs have not formed much fresh positions, but majority of their positions remains on the long side with 'Long Short Ratio' around 65 percent.

• The market breadth has remained healthy during last week with outperformance from sectors such as Realty.

• The National Statistical Office had released the first advance estimate for FY24, which projected an increase of 7.3% in the Indian economy, higher than the previous government estimate of 7%, which was due to the Reserve Bank of India's revision of its GDP estimates.

• According to the Ministry of Finance, gross Goods and Services Tax (GST) collections for Dec 2023 were reported at Rs 164,882 crore, a 10.3% increase over Rs 149,507 crore for the same month in 2022. The revenue from domestic transactions (including the import of services) during the month was 13% greater than the revenue from the same sources in the previous year.

• According to the National Payments Corporation of India data, Unified Payment Interface transactions reached a new high of Rs. 18.23 trillion in value and 12.02 billion in volume in Dec 2023, rising by 5% and 7%, respectively, from Nov 2023.

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• Bond yields rose as higher-than-expected borrowing plan by the state governments hurt the demand in secondary market. Losses were extended following the rise in U.S. Treasury yields which rose above 4% due to positive economic data that caused market participants to reduce their expectations of aggressive rate cuts from the Federal Reserve through 2024.

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• The rate of interest on Floating Rate Savings Bonds, 2020 (Taxable) applicable for the half year for the period from Jan 01, 2024 to Jun 30, 2024 remained unchanged at 8.05%.

Best Regards,

Alpha Research Team