Dear Trader…
Indian equity benchmarks reversed their early session losses to log modest gains on Tuesday following fag-end buying in Oil & Gas up, Energy and Metal stocks and a recovery in global equities. Markets made negative start and stayed in red for most part of the day, on the back of persistent foreign fund outflows. As per exchange data, foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 1,278.42 crore on Monday. Firm crude oil prices in the international market also put pressure on equities.
However, key benchmark indices recovered at fag end to close with marginal gains, as traders found some solace with a report by the government think-tank NITI Aayog estimates India’s gig economy could employ 2.35 crore people by FY30, representing a three-and-a-half-times increase over 10 years. The gig economy employed around 68 lakh people in FY20.
Nifty futures opened at 15835.55 points against the previous close of 15779.70 and opened at a low of 15712.35 points. Nifty Future closed with an average movement of 149.60 points and a rise of around 23.45 points and 15859.00 points...!!
On the NSE, the midcap 100 index will rise 0.29% and smallcap 100 index is closing decline 0.34%. Speaking of various sectoral indices only PVT Bank, Financial Services, Bank and Pharma 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.50604, fell from a high of Rs.50951 points to a low of Rs.50604 with a rise of 295 points, a trend of around Rs.50944 and July Silver opened at Rs.59760, fell from a high of Rs.60520 points to a low of Rs.59760, with a rise of 453 points, a trend of around Rs.60399.
Meanwhile, NITI Aayog in its latest report titled 'India's Booming Gig and Platform Economy' has said that the country’s gig workforce is likely to expand to 23.5 million by 2029-30 from 7.7 million in 2020-21, and recommended extending social security measures for such workers and their families in partnership mode as envisaged in Code on Social Security. The report further said gig workers are likely to form 6.7 per cent of the non-agricultural workforce or 4.1 per cent of the total livelihood in India by 2029-30.
Gig workers can be broadly classified into platform and non-platform workers. Platform workers are those whose work is based on online software apps or digital platforms while non-platform gig workers are generally casual wage workers, working part-time or full- time. Gig workers prefer a flexible work schedule, typically with low to middle level of education. Income through gig work is not their primary source of income and they are often holding another regular job.
According to the NITI report, it is estimated that in 2020-21, 7.7 million workers were engaged in the gig economy and they constituted 2.6 per cent of the non-agricultural workforce or 1.5 per cent of the total workforce in India. Similarly, it estimated that there were 6.8 million gig workers in 2019-20, using both principal and subsidiary status, forming 2.4 per cent of the non-farm workforce or 1.3 per cent of the total workers in India.
Technically, the important key resistances are placed in Nifty future are at 15909 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 15979 – 16006 levels. Immediate support is placed at 15770 – 15676 levels.
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