Dear Trader…
Indian equity benchmarks continued bulls run to end at a record close for the third straight session on Wednesday with Sensex ending near 60,750 level which Nifty above 18,150 mark for the first time ever led by buying across the sectors. Falling retail inflation and prospects of better corporate earnings are other key reasons driving markets. After opening in the green, benchmark indices continued to gain momentum, as investors react to positive macroeconomic data.
Benchmarks maintained their upward momentum in late afternoon deals, taking support from Finance Minister Nirmala Sitharaman’s statement that India is looking at near close to double-digit growth this year and the country will be one of the fastest-growing economies. The minister also emphasized that she expects the economic growth next year to be in the range of 7.5-8.5 percent, which will be sustained for the next decade.
Nifty futures opened at 18050.00 points against the previous close of 18002.55 and opened at a low of 18042.00 points. Nifty Future closed with an average movement of 165.95 points and a rise of around 175.45 points and 18178.00 points...!!
On the NSE, the midcap 100 index will rise 1.54% and smallcap 100 index is closing decline 0.01%. Speaking of various sectoral indices only Realty stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, December gold opened at Rs.47215, fell from a high of Rs.47540 points to a low of Rs.47131.00 with a rise of 286 points, a trend of around Rs.47484 and December Silver opened at Rs.61760, fell from a high of Rs.62490 points to a low of Rs.61757, with a rise of 487 points, a trend of around Rs.62073.
Meanwhile, International Monetary Fund (IMF) has said that India's economy, which contracted by 7.3 percent due to the COVID-19 pandemic, is expected to grow by 9.5 percent in 2021 and 8.5 percent in 2022. India's growth projection released by the latest World Economic Outlook (WEO) remains unchanged from its previous WEO update of July this summer but is a three-percentage point in 2021 and 1.6 percentage point drop from its April projections. According to the latest WEO update, released ahead of the annual meeting of the IMF and the World Bank, the world is expected to grow at 5.9 per cent in 2021 and 4.9 per cent in 2022.
Gita Gopinath, Chief Economist of the IMF, said that compared to their July forecast, the global growth projection for 2021 has been revised down marginally to 5.9 percent and is unchanged for 2022 at 4.9 percent. However, this modest headline revision masks large downgrades for some countries. She said the outlook for the low-income developing country group has darkened considerably due to worsening pandemic dynamics. She also said the downgrade also reflects more difficult near-term prospects for the advanced economy group, in part due to supply disruptions.
Technically, the important key resistances are placed in Nifty future are at 18202 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 18242 – 18272 levels. Immediate support is placed at 18088 – 18008 levels.
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