Dear Trader…
Indian bourses erased all its gains in today session as selling appeared in banking, finance and utilities stocks with Sensex tumbling by 77 points respectively. Traders were worried as Icra Ratings said with the benefits of unlocking measures tapering out, high-frequency indicators have become uneven since August. The performance of the high-frequency indicators in August 2021 was decidedly uneven, especially when compared to the pre-COVID levels.
However, downfall remain limited as Reserve Bank of India (RBI) in its latest survey has showed that exports of software services, including services delivered by foreign affiliates of Indian companies, recorded 2.1 per cent growth during 2020-21 and stood at $148.3 billion. On the global front; Asian markets were trading mostly lower on contagion fears and selling pressure persisted amid concern that troubles at indebted developer China Evergrande could ripple across the world economy, markets and financial system.
Nifty futures opened at 17554.00 points against the previous close of 17559.30 and opened at a low of 17521.50 points. Nifty Future closed with an average movement of 97.45 points and a rise of around 7.70 points and 17567.00 points...!!!
On the NSE, the midcap 100 index will rise 1.67% and smallcap 100 index is closing rise 1.44. Speaking of various sectoral indices only finance service Bank, Private Bank and FMCG 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.46651, fell from a high of Rs.46762 points to a low of Rs.46556.00 with a decline of 22 points, a trend of around Rs.46616 and September Silver opened at Rs.60890, fell from a high of Rs.61120 points to a low of Rs.60739, with a rise of 346 points, a trend of around Rs.60785.
Meanwhile, RBI Deputy Governor M Rajeshwar Rao has said there is a need to mainstream green finance and devise ways for incorporating environment impact into commercial lending decisions. Addressing climate risk in the financial sector should be the joint responsibility of stakeholders as it would affect the resilience of the financial system in the long run, he said. There will be some buzz in It stocks as exports of software services, including services delivered by foreign affiliates of Indian companies, recorded 2.1 per cent growth during 2020-21 and stood at USD 148.3 billion, as per a Reserve Bank survey released.
There may be some reaction in sugar stocks as the Centre has so far cleared Rs 1,800 crore in subsidy to sugar mills for undertaking a mandated export of 6 million tonnes of the sweetener in the 2020-21 season-ending this month. Paras Defence and Space Technologies IPO will open for subscription today where investors can bid for shares in the price band of Rs 165-175 per share. The issue will close on September 23.
Technically, the important key resistances are placed in Nifty future are at 17606 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 17676 – 17707 levels. Immediate support is placed at 17474 – 17303 levels.
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