Dear Trader…
Extending gains for second day, Indian equity benchmarks ended higher by nearly a percent on Friday, on the back of buying in telecom, auto, utilities and power stocks amid firm trend in the global market. Key indices made positive start and stayed in green for whole day, as sentiments got a boost with a private report stating that the Indian economy can grow by 7 - 7.8 per cent this fiscal on the back of better agriculture production and a revitalised rural economy amid global headwinds mainly due to the ongoing Russia-Ukraine war.
However, markets trimmed some gains in afternoon deals, as some concern came with private report stated that India's current account deficit (CAD) is expected to widen and be in the range of 2.6 per cent to 2.8 per cent of gross domestic product (GDP) in the current financial year FY23. But, markets soon gained traction to end higher, taking support from a new Nasscom report showing that the adoption of artificial intelligence (AI) and data utilisation strategy can add $500 billion to India's GDP by 2025.
Nifty futures opened at 15650.10 points against the previous close of 15572.95 and opened at a low of 15611.00 points. Nifty Future closed with an average movement of 137.00 points and a rise of around 145.95 points and 15718.90 points...!!
On the NSE, the midcap 100 index will rise 1.42% and smallcap 100 index is closing rise 1.76%. 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, August gold opened at Rs.50261, fell from a high of Rs.50310 points to a low of Rs.50261 with a rise of 88 points, a trend of around Rs.50283 and July Silver opened at Rs.59513, fell from a high of Rs.59800 points to a low of Rs.58700, with a decline of 794 points, a trend of around Rs.58710.
Meanwhile, the Securities and Exchange Board of India (SEBI) in its latest data has showed that investment in the Indian capital markets through participatory notes (P-notes) dropped to Rs 86,706 crore until end-May from the preceding month. P-notes are issued by registered foreign portfolio investors (FPIs) to overseas investors who wish to be a part of the Indian stock market without registering themselves directly. However, they need to go through a due diligence process.
According to the data, the value of P-note investments in Indian markets - equity, debt, and hybrid securities - stood at Rs 86,706 crore end-May, compared with Rs 90,580 crore end-April. In March, the investment was at Rs 87,979 crore. It was Rs 89,143 crore in February and Rs 87,989 crore in January.
Of the total Rs 86,706 crore invested through the route until May, Rs 77,402 crore was invested in equities, Rs 9,209 crore in debt, and Rs 101 crore in hybrid securities. In comparison, Rs 81,571 crore was invested in equities and Rs 8,889 crore in debt during April.
Technically, the important key resistances are placed in Nifty future are at 15787 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 15808 – 15889 levels. Immediate support is placed at 15606 – 15474 levels.
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