Dear Trader…
Indian equity benchmarks ended higher on Wednesday on the back of gains in information technology (IT) stocks, with analysts expecting sector bellwether Infosys to report a jump in quarterly profit after market close. Sentiments were upbeat as wholesale price-based inflation eased marginally to 12.07 per cent in June as crude oil and food items witnessed some softening in prices. However, WPI inflation remained in double digit for the third consecutive month in June, mainly due to a low base of last year. WPI inflation was (-) 1.81 per cent, in June 2020.
Nifty futures opened at 15805.10 points against the previous close of 15833.80 and opened at a low of 15777.05 points. Nifty Future closed with an average movement of 116.20 points and a rise of around 24.30 points and 15858.10 points .. !!!
On the NSE, the midcap 100 index will rise 0.23% and smallcap 100 index is closing rise 0.45%. Speaking of various sectoral indices, the NSE saw gains in IT, Pharma, Media and Metal stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, August gold opened at Rs.47982, fell from a high of Rs.48090 points to a low of Rs.47930, with a rise of 176 points, a trend of around Rs.48065 and September Silver opened at Rs.69096, fell from a high of Rs.69418 points to a low of Rs.69012, with a rise of 324 points, a trend of around Rs.69405..!!
Meanwhile, Finance Secretary T V Somanathan has underlined the need for improving the fiscal position of the government through reforms in farm, food and fertilizer subsidies so that additional funds can be generated for development of infrastructure and education system. He said that farm, food and fertilizer reforms are administratively easy but politically difficult in view of the ramifications.
On the other hand, Somanathan said reforms in education and infrastructure are easy to announce but difficult to implement administratively as cooperation of states and other stakeholders becomes necessary. On financial sector reforms, he said the government has already announced privatisation of two public sector banks and one public sector general insurance company. He said most of the public sector banks would be privatised eventually as announced by the government.
With regard to nagging issues related to Goods and Services Tax (GST), Finance Secretary said many of the glitches have been fixed. He expressed hope that the revenue collection from GST would see improvement going forward.
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 – 15930 levels. Immediate support is placed at 15808 – 15760 levels.
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