Dear Trader…
Indian equity benchmarks languished in the red throughout the day and ended around a percent lower on Thursday as weak global cues and nervousness ahead of the Reserve Bank of India's monetary policy outcome tomorrow kept investors on the sidelines. Traders remained cautious with a private report stated that the yield on the 10-year government bond inched up to nearly 7 per cent ahead of the Reserve Bank of India’s (RBI) monetary policy review scheduled for Friday on fears that the central bank may raise the inflation forecast.
Domestic equities fell sharply in late afternoon deals, despite a working paper by the International Monetary Fund (IMF) stating that extreme poverty in India was as low as 0.8% in 2019 and the country managed to keep it at that level in 2020 despite the unprecedented Covid-19 outbreak, by resorting to food transfers through the Pradhan Mantri Garib Kalyan Yojana (PMGKY).
Nifty futures opened at 17768.00 points against the previous close of 17867.45 and opened at a low of 17693.25 points. Nifty Future closed with an average movement of 173.05 points and a decline of around 125.45 points and 17742.00 points...!!
On the NSE, the midcap 100 index will decline 1.02% and smallcap 100 index is closing decline 0.31%. Speaking of various sectoral indices, the NSE saw gains in only Pharma and Realty stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, April gold opened at Rs.51611, fell from a high of Rs.51909 points to a low of Rs.51550 with a rise of 184 points, a trend of around Rs.51780 and March Silver opened at Rs.66350, fell from a high of Rs.66735 points to a low of Rs.66152, with a rise of 5 points, a trend of around Rs.66310.
Meanwhile, Union Road Transport and Highways Secretary Giridhar Aramane has said that India's national highway construction slowed to 28.64 km a day in 2021-22. The pace of national highway (NH) construction in the country had touched a record 37 km per day in 2020-21.
Talking about the reasons for the slowing of the pace of highway construction, he said because of pandemic related disruptions and a longer-than-usual monsoon season in some part of the country, the pace of highway construction slowed down.
The Ministry of Road Transport and Highways (MoRTH) through its various implementing agencies has constructed 10,457 km of highways during the last financial year (2021-22), while highway projects of 12,731 km were awarded in the last financial year. The ministry has constructed 10,237 km in 2019-20, and 13,327 km in 2020-21. The National Highways Authority of India (NHAI) and National Highways and Infrastructure Development Corporation (NHIDCL) are primarily responsible for the construction of national highways and expressways across the country.
Technically, the important key resistances are placed in Nifty future are at 17787 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 17808 – 17838 levels. Immediate support is placed at 17676 – 17606 levels.
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