Dear Trader…
Indian equity benchmarks closed higher on Thursday for a fourth straight session, buoyed mostly by gains in Airtel and information technology stocks, while investors awaited the country's central bank decision on interest rates on Friday. Buying in frontline stocks such as Bharti Airtel, HCL Tech and Tech Mahindra were aiding sentiment, while selling in SBI, Indusind Bank and ICICI Bank kept the gains in the markets in check. Adding optimism, Rajya Sabha passed the Limited Liability Partnership (Amendment) Bill, which seeks to encourage the start-up ecosystem and further boost ease of doing business, amid uproar by the opposition on Pegasus snooping row and other issues.
Traders also took support with report that foreign portfolio investors (FPIs) stood as buyers of domestic stocks to the tune of Rs 2,828.57 crore. On the global front, Asian markets were trading mostly higher, shrugging off the worries about coronavirus infections and mixed overnight trade on Wall Street.Nifty futures opened at 16280.00 points against the previous close of 16260.80 and opened at a low of 16220.00 points. Nifty Future closed with an average movement of 130.00 points and a rise of around 29.85 points and 16290.65 points...!!!
On the NSE, the midcap 100 index will rise 0.01% and smallcap 100 index is closing decline 0.57%. Speaking of various sectoral indices, the NSE saw gains in Metal, IT and FMCG stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, October gold opened at Rs.47847, fell from a high of Rs.47940 points to a low of Rs.47782, with a decline of 97 points, a trend of around Rs.47795 and September Silver opened at Rs.67488, fell from a high of Rs.67725 points to a low of Rs.67250, with a decline of 94 points, a trend of around Rs.67507.
Meanwhile, government has said that it expects the total debt as percentage of gross domestic product (GDP) to increase to 61.7 per cent (provisional) in 2021-22 (FY22) from 60.5 per cent (provisional) in the previous fiscal. At the same time, public debt would rise to 54.2 per cent in the current financial year from 52 per cent in 2020-21.
Minister of State for Finance Pankaj Chaudhary said the government's amendment of the FRBM Act will target a path of fiscal consolidation aimed towards reaching a level of fiscal deficit below 4.5 per cent of GDP by 2025-26.
The government expects fiscal deficit to come down to 6.8 per cent in the current fiscal from 9.3 per cent estimated for 2020-21. He added amendment to the FRBM debt targets will be in consonance with the broad fiscal deficit path.
Technically, the important key resistances are placed in Nifty future are at 16333 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 16373 – 16404 levels. Immediate support is placed at 16202 – 16108 levels.
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