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Key benchmark indices extended previous session’s rally to close at day's high and up over a percent on Thursday, backed by strong buying interest across sectors despite largely negative cues from global peers amid fears about the new Omicron variant. The broader markets also closed higher. After a flat start, key gauges picked up pace, as sentiments got a boost with data showing that India's merchandise exports in November rose by 26.49 per cent to $29.88 billion on account of healthy growth in sectors such as engineering, petroleum, chemicals and marine products.
Markets continued to trade with strength in second half of the session, as traders remain energized as the PHD Chamber of Commerce and Industry (PHDCCI) has suggested the rationalisation of direct and indirect tax rates, with an aim to boost consumption in the economy and enhance the tax base. PHDCCI President Pradeep Multani said refuelling of consumption demand should be the theme of the Budget to have a multiplier effect on production possibilities, private investments and employment creation in the country.
Nifty futures opened at 17205.00 points against the previous close of 17221.90 and opened at a low of 17170.00 points. Nifty Future closed with an average movement of 274.45 points and a rise of around 218.00 points and 17439.90 points...!!
On the NSE, the midcap 100 index will rise 1.14% and smallcap 100 index is closing rise 0.61%. Speaking of various sectoral indices, the NSE saw heavy gains in IT, Metal, Media, Financial Services, FMCG and Auto stocks, while all other sectoral indices also closed higher.
At the start of intra-day trading, February gold opened at Rs.47798, fell from a high of Rs.47818 points to a low of Rs.47458 with a decline of 142 points, a trend of around Rs.47730 and March Silver opened at Rs.61380, fell from a high of Rs.61380 points to a low of Rs.60831, with a decline of 33 points, a trend of around Rs.61274.
Meanwhile, Ministry of Commerce and Industry in its provisional data has showed that India's merchandise exports rose 26.49 percent year-on-year to $29.88 billion in November 2021 on better performance by key sectors. The exports stood at $23.62 billion in November 2020. Imports in November were at $53.15 billion, an increase of 57.18 per cent over the same month of 2020. The trade deficit widened to an all-time high of $23.27 billion as gold imports grew by about 8 per cent to $4.22 billion. The gap between imports and exports totalled $10.19 billion during November 2020.
As per the data, India's merchandise exports in April-November 2021 was $262.46 billion, an increase of 50.71 per cent over $174.15 billion in April-November 2020 and an increase of 24.29 per cent over $211.17 billion in April-November 2019. Imports in April-November 2021 grew by 75.39 per cent to $384.44 billion. Trade deficit stood at $121.98 billion during the eight-month period of this fiscal.
Technically, the important key resistances are placed in Nifty future are at 17473 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 17505 – 17533 levels. Immediate support is placed at 17404 – 17373 levels.
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