Dear Trader…
Indian equity benchmarks posted their second weekly loss on Friday, struggling to break past recent peaks as investors assessed a host of developments, including a cabinet reshuffle and results from software services giant Tata Consultancy Services. Traders got worried as a private report stated that inflows into equity mutual funds dropped sharply by 40 per cent to Rs 5,988 crore in June on profit booking by investors as stock markets witnessed sharp rallies in recent times.
Sentiments also got hit as foreign institutional investors (FIIs) stood as net sellers in the capital market as they offloaded shares worth Rs 554.92 crore on Thursday, as per provisional exchange data. On the sectoral front, insurance sector was in focus as India has invited UK companies to invest in the insurance sector, while Britain offered its London market for direct listing of Indian firms.
Nifty futures opened at 15700.05 points against the previous close of 15735.40 and opened at a low of 15641.05 points. Nifty Future closed with an average movement of 113.95 points and a decline of around 14.40 points and 15721.00 points .. !!
On the NSE, the midcap 100 index will rise 0.62% and smallcap 100 index is closing rise 0.54%. Speaking of various sectoral indices, the NSE saw gains in Realty, Metal, Media, Pharma and FMCG stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, august gold opened at Rs.47844, fell from a high of Rs.47890 points to a low of Rs.47625, with a decline of 32 points, a trend of around Rs.47689 and September Silver opened at Rs.68789, fell from a high of Rs.69166 points to a low of Rs.68425, with a decline of 64 points, a trend of around Rs.68898..!!
Meanwhile, Chamber of Trade and Industry (CTI) has asked the government to bring petrol and diesel under the ambit of GST to bring down the fuel rates, a day after prices of petrol in Delhi crossed the Rs 100 a litre-mark. It also urged the central government to withdraw the increased excise duty that was introduced last year due to the COVID-19 pandemic. CTI said ‘Crude oil was the cheapest in the last 16 years in 2020-21. During corona, between March and May, 2020, when crude oil became cheaper, the central government increased the excise duty on petrol by Rs 13/litre and diesel by Rs 16/litre’.
CTI chairman Brijesh Goyal said the traders’ body had recommended bringing petrol and diesel in the ‘maximum luxury slab of 28 per cent of GST’, and levy Central GST (CGST) and State (GST) of Rs 18 per litre each on petrol. Due to this, the price of petrol including dealer commission is 80.22, and petrol will be cheaper by about Rs 20/litre. Similarly, Goyal said if Rs 15 worth of CGST and SGST each is levied on diesel, the price of diesel including dealer commission will be Rs 74.92 and diesel will become cheaper by about Rs 15/litre.
Technically, the important key resistances are placed in Nifty future are at 15777 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 15808 – 15838 levels. Immediate support is placed at 15676 – 15606 levels.
Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
