Dear Trader…
Indian equity benchmarks erased early gains to close little changed on Monday as concerns over higher oil prices and a strong dollar weighed on the market ahead of monthly inflation data. Sentiments were upbeat as despite the worse condition due to COVID-19 which impacted economic growth, the net direct tax collection has doubled to over Rs 2.49 lakh crore so far this fiscal, mainly driven by personal income tax and advance tax mop up.
Investors also cheered the report stating that Sebi and stock exchanges have announced further safeguards to protect small investors and curb price manipulation in shares of companies under insolvency resolution process.
Nifty futures opened at 15777.00 points against the previous close of 15722.45 and opened at a low of 15657.50 points. Nifty Future closed with an average movement of 154.40 points and a decline of around 12.60 points and 15709.85 points .. !!
On the NSE, the midcap 100 index will rise 0.44% and smallcap 100 index is closing rise 0.60%. Speaking of various sectoral indices, only FMCG, IT, Media and Metal stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, august gold opened at Rs.47807, fell from a high of Rs.47820 points to a low of Rs.47581, with a decline of 232 points, a trend of around Rs.47691 and September Silver opened at Rs.69000, fell from a high of Rs.69121 points to a low of Rs.68650, with a decline of 568 points, a trend of around Rs.68729..!!
Meanwhile, ICRA Ratings in its latest report has said that despite the impact of the second wave of COVID-19, securitisation volumes by non-banking financial companies (NBFCs) and housing finance companies (HFCs) surged 2.3 times to Rs 17,500 crore of their loan assets in the first quarter of 2021-22. During the first quarter of 2020-21, the volumes had significantly fallen to Rs 7,500 crore due to the pandemic and the resultant nationwide lockdown in March 2020.
The agency expects securitisation volumes for NBFCs and HFCs in FY2022 could be more than Rs 1.2 lakh crore, of which the majority would be in H2 FY2022 if there is no resurgence of COVID infections in the country. It also said there was gradual ease in lockdowns in June across most geographies and gradual improvement in collection efficiencies of NBFCs thereby gives investors the necessary comfort to participate in securitization.
According to the report, another factor that supported the volumes was that unlike Q1 FY2021, when the microfinance sector was almost absent from the securitisation market, the segment has been able to restrict the decline in collections and thus been able to find investor interest in the securitisation of its assets.
Technically, the important key resistances are placed in Nifty future are at 15737 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 15777 – 15808 levels. Immediate support is placed at 15636 – 15606 levels.
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