Indian equity benchmark -- Nifty -- ended Tuesday’s trading session in positive terrain with marginal gains ahead of the US Fed policy announcement. After making cautious start, soon index extended its gains to trade neutral line, as investors took some support with Executive Director at the International Monetary Fund (IMF) Krishnamurthy Subramanian’s statement that reduction of corporate tax from 40 per cent to 35 per cent in the 2024 Indian Budget and removal of Angel Tax are among the measures that will promote India-US economic engagement. Some support also came as Union Labour Minister Mansukh Mandaviya reassured the public that there is no need for concern about job losses. He predicted that India's unemployment rate would fall below 3 per cent in the near future.
In afternoon session, index traded near day’s high point, as sentiments remained optimistic after Reserve Bank of India (RBI) in its latest report on Currency and Finance for the year 2023-24 showed that India is at the forefront of the digital revolution, leveraging on its digital public infrastructure, a vibrant financial technology (FinTech) ecosystem and a conducive policy environment to emerge as the fastest-growing digital economy in the world. In last leg of trade, index managed to end with minor gains, after witnessing sharp correction.
