Indian equity benchmark -- Nifty -- finished last session of calendar year 2023 in a negative terrain with minor cut. Index made a negative start, as traders were cautious with the RBI’s Financial Stability Report stating that the increase in risk weights for personal loans and loans to non-banking financial companies (NBFCs) may lead to a decline in the capital adequacy ratio of 71 basis points (bps) of the banking system. In the second half of trading session, index continued to trade lower, as traders paid no attention towards Assocham stating that India is likely to remain the fastest-growing major economy in the world in 2024 on the back of strong consumer demand leading to a pick-up in investment across sectors such as construction, hospitality and infrastructure including railways and aviation. Meanwhile, Commerce and Industry Minister Piyush Goyal said that the government has decided to extend export benefits under the scheme for Remission of Duties and Taxes on Exported Products (RoDTEP) for e-commerce exports through post or couriers.
