Dear Trader…
Indian equity benchmarks traded with positive bias throughout the day and ended over a percent higher on Wednesday backed by supportive global cues and encouraging macro economic data. The frontline indices started gap-up as India's gross domestic product (GDP) in the second quarter of the fiscal year 2021-22 grew at 8.4 percent. The numbers mark a significant increase as compared to the COVID-19-hit second quarter of last fiscal year, when the GDP had declined by 7.4 percent.
Sentiments remained upbeat with a private survey showed India’s manufacturing activity grew at the fastest pace in 10 months in November, buoyed by a strong pick-up in demand, but higher inflationary pressure left factories worried about their future prospects. Compiled by IHS Markit, the Purchasing Managers’ Index rose to 57.6 in November from 55.9 in October.
The reading was the highest since January and the fifth straight month above the 50-mark that separates growth from contraction. Some support came in with government data showing that the combined output of eight core industries has surged by 7.5 percent in October, as compared to the same period last year. Investors are eyeing Manufacturing PMI data to be out later in the day.
Nifty futures opened at 17118.90 points against the previous close of 17033.60 and opened at a low of 17100.50 points. Nifty Future closed with an average movement of 149.50 points and a rise of around 201.40 points and 17235.00 points...!!
On the NSE, the midcap 100 index will decline 1.03% and smallcap 100 index is closing rise 0.12%. Speaking of various sectoral indices, the NSE saw gains in only Pharma stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, December gold opened at Rs.47550, fell from a high of Rs.47601 points to a low of Rs.47470 with a decline of 5 points, a trend of around Rs.47601 and December Silver opened at Rs.61725, fell from a high of Rs.61798 points to a low of Rs.61701, with a rise of 69 points, a trend of around Rs.61715.
Meanwhile, Controller General of Accounts (CGA) in its latest data has said that the Union government's fiscal deficit works out to be Rs 5.47 lakh crore or 36.3% of the budget estimates at the end of October 2021 on the back of improvement in revenue collection. For the current financial year, the government expects the deficit at 6.8% of GDP or Rs 15.06 lakh crore.
The deficit figures in the current fiscal appear better than the previous financial year when the gap between expenditure and revenue had soared to 119.7% of the last year's Budget Estimates (BE) mainly on account of a jump in expenditure to deal with the COVID-19 pandemic.
Besides, it said the government of India received about Rs 12.79 lakh crore (64.8 per cent of corresponding BE 2021-22 of total receipts) up to October, 2021 comprising Rs 10.53 lakh crore tax revenue (net to centre), Rs 2.06 lakh crore of non-tax revenue and Rs 19,722 crore of non-debt capital receipts.
Technically, the important key resistances are placed in Nifty future are at 17288 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 17303 – 17333 levels. Immediate support is placed at 17133 – 17077 levels.
Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
