Dear
Trader…
Domestic
equities continued to witness pressure amid weak global cues. Nifty Future
opened lower and remained in negative territory throughout the session to close
with a loss of 90 (-0.47%) at 19393 levels. However, action shifted to the
broader market with the Nifty midcap 100 up 0.2% while the Nifty smallcap 100
up 0.1%. Except for PSU Banks and Consumer Durables, all sectors ended in red.
Indian
equities succumbed to global volatility following the hawkish tone of the FOMC
minutes meeting and worries over the risk of a downgrade in China’s sovereign
credit rating by Fitch. Adding to the negative sentiment, the rupee depreciated
to near a 10-month low at 83.14 and the FIIs outflow of almost of ?10k crore in
August so far also led to selling at higher levels. In the near term,
uncertainty will likely loom in the market following the fragile global cues
that could cap the upside.
Nifty futures
opened at 19425.00 points against the previous close of 19484.55 and opened at
a low of 19360.00 points. Nifty Future closed with an average movement of 103.15
points and a decline of around 90.65 points and 19393.90 points…!!
On the NSE,
the midcap 100 index will rise 0.25% and smallcap 100 index is closing rise 0.14%.
Speaking of various sectoral indices, the NSE saw gains in only, Consumer
Durables, PSU Bank and Realty stocks, while all other sectoral indices closed
lower.
At the start
of intra-day trading, October gold opened at Rs.58453, fell from a high of Rs.58600
points to a low of Rs.58401 with a Decline of 95 points, a trend of around Rs.58586
and September Silver opened at Rs.69543, fell from a high of Rs.70418 points to
a low of Rs.69376, with a rise of 617 points, a trend of around Rs.70339.
Meanwhile, Rating
agency ICRA maintains its Stable outlook on the Indian hospital industry,
supported by expectations of healthy revenue growth and strong margins for
ICRA’s sample set, 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 higher medical tourism volumes.
ICRA expects
the aggregate occupancy for its hospital industry’s sample set to remain strong
at 63-65% in FY2024 (65.1% in FY2023), backed by sustained healthy demand for
healthcare services and continued market share gains for organized players. The
average revenue per occupied bed (ARPOB) is expected to witness moderate growth
of 5-7% in FY2024 (after witnessing an expansion of 10% in FY2023), given the
high base of the previous year. Improving the specialty mix, better pay or mix
(with a focus on cash and insurance patients), and annual price revisions by
companies to offset cost inflation will support the ARPOB growth for the sample
set. Overall, ICRA estimates revenue growth in FY2024 at 8-10%. Improving
operating leverage coupled with continued cost optimization and digitization
measures are expected to support a healthy OPM of around 22-23% in FY2024.
Technically, the important key resistances are placed in Nifty future are at 19393 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 19404 – 19434 levels. Immediate support is placed at 19330 – 19272 levels.
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