Dear
Trader…
Weak trade
continued over the Dalal Street in today deals, with both Sensex and Nifty trading
lower, amid mixed cues from other Asian markets and selling at Oil & Gas
and Energy counters. Traders got cautious with a private report stating that
funding for Indian startups dropped by 33 per cent to USD 24 billion in 2022 as
compared to the previous year though it was nearly double the amount recorded
in 2019 or 2020.
However,
indices managed to come off their intraday low points, as traders took support
with Union Minister for Commerce and Industry, Piyush Goyal’s statement that
Prime Minister Modi always focused on encouraging the development and economic
growth in states thereby providing huge opportunities to the people in the
remotest parts of India. He further noted that India is today the 5th largest
economy of the world and it is rapidly progressing to become the top 3
economies of the world.
Nifty
futures opened at 17982.50 points against the previous close of 17962.95 and
opened at a low of 17820.05 points. Nifty Future closed with an average
movement of 199.90 points and a decline of around 44.30 points and 17918.65
points…!!
On the NSE,
the midcap 100 index will decline 0.31% and smallcap 100 index is closing rise 0.01%.
Speaking of various sectoral indices, the NSE saw gains in only Media, IT, Auto
and Realty stocks, while all other sectoral indices closed lower.
At the start
of intra-day trading, February gold opened at Rs.55792, fell from a high of Rs.55878
points to a low of Rs.55780 with a rise of 147 points, a trend of around Rs.55840
and March Silver opened at Rs.68349, fell from a high of Rs.68751 points to a
low of Rs.68287, with a rise of 642 points, a trend of around Rs.68615.
Meanwhile,
domestic rating agency ICRA in its latest report has said that the aggregate
occupancy for its hospital industry sample set is likely to remain healthy at
62-64% in FY2023 and FY2024, backed by continued healthy demand for elective
surgeries, recovery in medical tourism to preCovid levels; and continued market
share gains for organized players.
According to
the report, improving payor mix, growth in surgery volumes, price revisions by
companies to offset cost inflation and faster throughput in discharges are
expected to aid healthy growth of 8-10% in average revenue per occupied bed
(ARPOB) for the sample set in FY2023. It also said given the high base, ARPOB
growth in FY2024 is estimated to moderate to 2-4%. It said revenue growth is
estimated to be 15-17% on YoY basis in FY2023, supported by strong occupancy
and higher ARPOB. However, it said growth is expected to slightly moderate to
4-6% in FY2024, given the high base and moderate growth in ARPOB.
The report
further said despite high input cost inflation, improving operating leverage,
supported by the increasing scale of operations and continued cost optimization
measures, are expected to support a healthy OPM of 20-22% in FY2023 and FY2024.
ICRA maintains its Stable outlook on the Indian hospital industry, led by the
rising incidence of non-communicable lifestyle diseases, growing per capita
spend on healthcare and awareness levels, increasing penetration of health
insurance and revival in medical tourism volumes.
Technically, the important key resistances are placed in Nifty future are at 18008 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 17808 – 17676 levels.
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