Dear Trader…
Indian equity benchmarks ended higher for the third consecutive session on Thursday tracking strong global cues, easing crude oil prices and investor cheer on election results where Bharatiya Janata Party (BJP) was leading in four out of five states. An across-the-board rally swept the markets with FMCG, Realty, Metal and Banking sectors leading from the front. Markets opened with a significant gap on the upside, as traders took some support with Union Minister of Commerce and Industry Piyush Goyal stating that the venture capitalists have played a pivotal role in India's startup story and the economic growth of the country. Addressing the Indian Venture and Alternate Capital Association's (IVCA) Conclave, he said they have been driving innovation and bringing new ideas to the fore.
However, key indices trimmed some of their gains in late afternoon deals, as traders turned anxious with Ratings and Research’s (Ind-Ra) report that the country's current account deficit (CAD) is likely to widen to a 13-quarter high of $23.6 billion or 2.8 per cent of GDP in October-December 2021-22 (Q3FY22) as against a deficit of $9.6 billion (1.3 per cent of GDP) in Q2 FY22, due to higher commodity prices following the Russia-Ukraine conflict. In Q3 FY21, the deficit was $2.2 billion (0.3 per cent of GDP).
Nifty futures opened at 16730.00 points against the previous close of 16365.70 and opened at a low of 16450.00 points. Nifty Future closed with an average movement of 303.50 points and a rise of around 200.65 points and 16566.35 points...!!
On the NSE, the midcap 100 index will rise 0.91% and smallcap 100 index is closing rise 1.40%. Speaking of various sectoral indices only IT stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, February gold opened at Rs.52601, fell from a high of Rs.53484 points to a low of Rs.52437 with a rise of 607 points, a trend of around Rs.53352 and March Silver opened at Rs.69504, fell from a high of Rs.70630 points to a low of Rs.68932, with a rise of 770 points, a trend of around Rs.70345.
Meanwhile, Chemicals and Fertilizers minister Mansukh Mandaviya has exhorted the industry to take concrete efforts towards increasing local production of medical devices while stressing that the sector has huge potential for growth in the domestic as well in global markets.
The minister stated that manufacturing of medical devices in India shall be a significant step forward in strengthening the domestic supply chain. He urged industry participants to make concrete efforts toward increasing the localisation impact and deepen the domestic manufacturing of components. He also encouraged the industry players to work towards reducing the import-export trade gap in the sector.
Under the scheme, financial incentive is given to selected companies at the rate of 5 per cent of incremental sales of medical devices manufactured in India and covered under the target segments of the scheme, for a period of 5 years till 2027-28. The total financial outlay of the scheme is Rs 3,420 crore. Till date, a total of 21 applicants have been approved for 49 products, with a potential to utilize incentive amount of Rs 2,541 crore.
Technically, the important key resistances are placed in Nifty future are at 16606 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 16676 – 16707 levels. Immediate support is placed at 16404 – 16373 levels.
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