Dear
Trader…
Weak trade
persisted over the Dalal Street in today deals, with both Sensex and Nifty
remaining below their respective neutral lines, despite positive cues from
other Asian markets. Sentiments were pessimistic amid a private report stating
that owing to decreased funding and crashes in late-stage deals, several
startups in India may lose their Unicorn status. A company with a valuation of
over $1 billion is considered to be a Unicorn in India.
The street
also took a note of the Finance Ministry’s statement in its latest monthly
economic report (MER) that India has performed better than developing peers, as
well as developed G-20 partners in terms of growth and managed inflation better
than most nations. However, the geopolitical situation may yet deteriorate, and
inflation may see a resurgence in 2023 rather than a decline.
Nifty
futures opened at 17772.10 points against the previous close of 17732.55 and
opened at a low of 17642.60 points. Nifty Future closed with an average
movement of 147.40 points and a decline of around 80.55 points and
17652.00 points…!!
On the NSE, the
midcap 100 index will rise 0.45% and smallcap 100 index is closing decline 0.13%.
Speaking of various sectoral indices, the NSE saw gains in only PSU Bank, Auto,
IT, Healthcare,
Metal, Pharma and Oil & Gas stocks, while all other sectoral indices closed
lower.
At the start
of intra-day trading, October gold opened at Rs.50530, fell from a high of Rs.50652
points to a low of Rs.50336 with a decline of 121 points, a trend of around Rs.50459
and December Silver opened at Rs.57740, fell from a high of Rs.57988 points to
a low of Rs.56783, with a decline of 733 points, a trend of around Rs.57015.
Meanwhile, Ministry of Statistics
and Programme Implementation in its latest report for September 2022 has said
that as many as 384 infrastructure projects, each entailing an investment of Rs
150 crore or more, have been hit by cost overruns of more than Rs 4.52 lakh
crore. According to the Ministry of Statistics and Programme Implementation,
which monitors infrastructure projects of Rs 150 crore and above, out of 1,529
projects, 384 reported cost overruns and as many as 662 projects were delayed.
It mentioned total original cost of
implementation of the 1529 projects was Rs 21,25,851.67 crore and their
anticipated completion cost is likely to be Rs 25,78,197.18 crore, which
reflects overall cost overruns of Rs 4,52,345.51crore (21.28% of original
cost). It also stated the expenditure incurred on these projects till September
2022 was Rs 13,78,142.29 crore, or 53.45 per cent of the anticipated cost of
the projects. However, the number of delayed projects decreases to 531 if delay
is calculated on the basis of latest schedule of completion.
Moreover, it said that for 603
projects, neither the year of commissioning nor the tentative gestation period
has been reported. Out of the 662 delayed projects, 133 have overall delays in
the range of 1-12 months, 124 have been delayed for 13-24 months, 276 projects
for 25-60 months and 129 projects have been delayed for 61 months and above.
The average time overrun in these 662 delayed projects is 42.08 months.
Technically, the important key resistances are placed in Nifty future are at 17707 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 17747 – 17808 levels. Immediate support is placed at 17474 – 17303 levels.
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