Dear Trader…
Indian equity benchmarks continued to trade in fine fettle in today deals as market participants indulged in enlarging positions. Sentiments got boost on the back of firm global cues and falling oil prices. Further, sentiments were supported by Indian rupee appreciating 6 paise to 82.24 against the dollar at the Interbank Foreign Exchange on increased selling of the US currency by exporters and banks.
Defence industry related stocks were in action as Defence Minister Rajnath Singh said that India registered defence exports worth Rs 8,000 crore in six months of the current financial year (FY23) and aims to achieve the annual export target of Rs 35,000 crore by 2025. All the sectoral indices on the BSE were trading in green led by Capital Goods, Industrials, Auto, FMCG and TECK.
Nifty futures opened at 17443.00 points against the previous close of 17300.30 and opened at a low of 17432.00 points. Nifty Future closed with an average movement of 106.65 points and a rise of around 207.60 points and 17507.90 points...!!
On the NSE, the midcap 100 index will rise 1.10% and smallcap 100 index is closing rise 0.76%. Speaking of various sectoral indices, PSU Bank, Media, Realty, Auto and FMCG stocks saw heavy gains on the NSE, while all other sectoral indices also closed higher.
At the start of intra-day trading, December gold opened at Rs.50364, fell from a high of Rs.50545 points to a low of Rs.50320 with a rise of 32 points, a trend of around Rs.50505 and December Silver opened at Rs.56239, fell from a high of Rs.56820 points to a low of Rs.56185, with a rise of 327 points, a trend of around Rs.56634.
Meanwhile, Defence Minister Rajnath Singh has said that India registered defence exports worth Rs 8,000 crore in six months of the current financial year (FY23) and aims to achieve the annual export target of Rs 35,000 crore by 2025. India's defence sector registered exports worth Rs 30,000 crore after 2014 when the government came to power at the Centre.
The minister said India is progressing speedily on the path to achieving global standards of design, development and manufacturing at the international level. He said ‘before 2014, we used to achieve (defence) exports of Rs 900-1,300 crore. After all these years, we have achieved exports worth more than Rs 30,000 crore to date. We can add another Rs 8,000-9,000 crore of the export target (this year).’
Singh stated that Gandhinagar is set to host India’s biggest-ever defence exhibition to date - DefExpo 2022 –beginning October 18, 2022. This 12th edition of the event has been organised on the theme ‘Path to Pride’. He said India in the last few years covered a transformational journey from a (defence) importer to an exporter. DefExpo will add pace to this journey. India which was until a few years back considered the world's biggest (defence) importer is now standing in the queue of 25 top exporting countries.
Technically, the important key resistances are placed in Nifty future are at 17575 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 17606 – 17676 levels. Immediate support is placed at 17373 – 17303 levels.
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