Dear Trader…
In a volatile trading session, Indian equity benchmarks ended marginally lower on Monday, dragged by losses in energy, IT, Telecom and Capital Goods stocks amid weak cues from global markets. Markets made slightly positive start but soon turned negative, Traders were worried as spike in coronavirus infections in Asia, with Australia's most populous city of Sydney plunging into a lockdown after a cluster of cases involving the highly contagious Delta strain ballooned. While the fresh cases have declined in India, the Delta variant continues to be a cause of concern. Some anxiety also came with India Ratings and Research (Ind-Ra) statement its earlier estimate of gross domestic product (GDP) growth at 10.1 per cent for the current financial year (FY22) is unlikely to hold due to the speed and scale of Covid 2.0.
Nifty futures opened at 15921.15 points against the previous close of 15888.00 and opened at a low of 15825.45 points. Nifty Future closed with an average movement of 104.55 points and a decline of around 26.35 points and 15861.65 points .. !!!
On the NSE, the midcap 100 index will rise 0.53% and smallcap 100 index is closing rise 0.37%. Speaking of various sectoral indices, only Media, IT, Fin. Service and Bank stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, august gold opened at Rs.46965, fell from a high of Rs.47118 points to a low of Rs.46865, with a rise of 26 points, a trend of around Rs.46951 and July Silver opened at Rs.68014, fell from a high of Rs.68334 points to a low of Rs.67814, with a rise of 93 points, a trend of around Rs.67966..!!
Meanwhile, S&P Global Ratings has said that the coronavirus disease (covid-19) pandemic could worsen structural deficits and indebtedness of states, despite a likely rebound in the economy over the next 12-24 months. It expects the country's economic growth to remain above average over the next few years and the rebound in the economy in the current fiscal ending March 31, 2022, will feed into states' revenues.
The US-based rating agency estimates revenues of states to increase by an average of 17 percent annually over fiscals 2021-2023. It noted that India's stronger growth than peer countries has been a key factor underpinning the sustainability of states' fiscal performance. It had cut India's growth forecast for the current fiscal to 9.5 percent from 11 percent earlier. It lowered the growth outlook saying that a severe second Covid-19 outbreak in April and May led sharp contraction in economic activity, but a gradual revival is underway.
Technically, the important key resistances are placed in Nifty future are at 15888 levels, which could offer for the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 15909 – 15919 levels. Immediate support is placed at 15770 – 15707 levels.
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