Dear Trader…
Bulls continued to pull Indian equity benchmarks higher on Tuesday, setting fresh record closing highs, driven by gains in Bharti Airtel, Bajaj Finance and Bajaj Finserv amid positive global cues. After making positive start, key gauges turned cautious ahead of GDP numbers. The National Statistical Office will release the GDP numbers for the April-June quarter on August 31, 2021. RBI MPC in its August 06, 2021 resolution said that it expects June quarter GDP to grow at 21.4 per cent.
The rally in Indian equity markets also received support from private report that India’s economy is expected to have grown in double digits during the April-June quarter of this financial year, helped by a low base of the previous year. The expected rebound in economic growth would also stand testament to the strong consumer activity, unfazed by the second wave of the covid-19 pandemic. First-quarter GDP numbers schedule to be release today.
Nifty futures opened at 16892.00 points against the previous close of 16942.40 and opened at a low of 16892.00 points. Nifty Future closed with an average movement of 251.90 points and a rise of around 187.80 points and 17130.20 points...!!!
On the NSE, the midcap 100 index will rise 0.62% and smallcap 100 index is closing rise 0.68. Speaking of various sectoral indices, only Media stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, October gold opened at Rs.47299, fell from a high of Rs.47332 points to a low of Rs.46964.00 with a decline of 199 points, a trend of around Rs.46965 and September Silver opened at Rs.63558, fell from a high of Rs.63647 points to a low of Rs.63110, with a rise of 255 points, a trend of around Rs.63280.
Meanwhile, exports from special economic zones (SEZs) grew by about 41.5 per cent to reach Rs 2.15 lakh crore during the April-June quarter of the current fiscal (Q1FY22) driven by healthy growth in pharmaceuticals, engineering, and gems and jewellery sectors. SEZs are key export hubs which contribute about one-fourth of the country's total outbound shipments.
According to commerce ministry data, exports from these zones dipped to Rs 7.56 lakh crore in 2020-21 as against Rs 7.97 lakh crore in 2019-20. In the first quarter of the current financial year, SEZ exports rose about 41.5 per cent to Rs 2.15 lakh crore. As many as 427 such zones have been approved by the government, out of which 267 are operational as on June 30. The data showed that till June 30, Rs 6.25 lakh crore have been invested in these zones and a total of 24.47 lakh people are employed there.
Export Promotion Council for EoUs and SEZs (EPCES) is the nodal body, set up by the commerce ministry, to promote shipments from these zones. The council would work on taking the country's exports to USD 400 billion during the current fiscal. The major export destinations include the United Arab Emirates, US, UK, Australia and Singapore.
Technically, the important key resistances are placed in Nifty future are at 17177 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 17232 – 17272 levels. Immediate support is placed at 17077 – 17007 levels.
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