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Domestic bourses continued to trade in fine contour on continued buying by funds and retail investors amid robust foreign fund inflows. Foreign Institutional Investors (FIIs) were stood as net buyers in the capital market as they purchased shares worth Rs 2,132.42 crore on Friday, exchange data showed. Additional support also came as External Affairs Minister S Jaishankar said India has made powerful efforts to grow its economy and emerge as a higher-income country, and expressed hope that it will be the fastest growing major economy in the world this year with at least 7 per cent growth despite the challenges posed by the Ukraine crisis.
Asian markets were trading mostly higher; Nikkei 225 surged 327.36 points or 1.16% to 28,542.11, Taiwan Weighted strengthened 224.01 points or 1.54% to 14,807.43 and Straits Times was up by 11.62 points or 0.36% to 3,274.57. On the flip side, Jakarta Composite was down by 20.62 points or 0.28% to 7,222.04.
Nifty futures opened at 17900.00 points against the previous close of 17866.45 and opened at a low of 17872.10 points. Nifty Future closed with an average movement of 152.30 points and a rise of around 86.95 points and 17953.40 points...!!
On the NSE, the midcap 100 index will rise 0.97% and smallcap 100 index is closing rise 1.33%. Speaking of various sectoral indices, Realty, Media, IT and PSU Bank stocks saw heavy gains on the NSE, while all other sectoral indices also closed higher.
At the start of intra-day trading, October gold opened at Rs.50505, fell from a high of Rs.50780 points to a low of Rs.50378 with a rise of 175 points, a trend of around Rs.50704 and December Silver opened at Rs.55140, fell from a high of Rs.56800 points to a low of Rs.55059, with a rise of 1675 points, a trend of around Rs.56725.
Meanwhile, External Affairs Minister S Jaishankar has said that despite the world is facing many fallouts of the Ukraine crisis such as rising oil prices, India is confident that it will be the fastest-growing major economy in the world this year with at least 7 per cent growth. He also highlighted that India has made powerful efforts to actually grow its economy and to move towards becoming a higher-income country.
Jaishankar said ‘a lot of this required a vision, prudent management of our fiscal resources. It has required policies which made it easier for banks to lend ... to make it easier for small and medium companies to get lending, for self-employed people to get lending’. He noted that that India thinks about the ways in which it can change its credit, banking, education and labor policy.
He further said ‘many big reforms have taken place and we can see the result of that in two very interesting developments. In the year ending 31 March, 2021 we have posted the highest export that we have ever done. Our total exports were $670 billion. We had to trade in goods for $400 billion’.
Technically, the important key resistances are placed in Nifty future are at 18088 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 18088 – 18108 levels. Immediate support is placed at 17909 – 17870 levels.
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