Dear Trader…
Indian equity benchmarks continued to trade in high spirit in today session, on account of broad based buying in blue chip counters amid positive Asian cues. Most of the sectoral indices were trading firm and Metal was the top gainer on BSE, up by around 3% followed by Power and Basic Materials indices, trading up over 2%. Apart from blue chips, broader indices too equally participated in the rally with both mid and small cap indices trading up by over 1.50% each.
Sentiments were upbeat as foreign direct investment (FDI) equity inflow into the country grew by 168 per cent to $17.57 billion in the first three months of 2021-22 (Q1FY22) as compared to $6.56 billion in the same period of the last year. In another positive development, Niti Aayog Vice-Chairman Rajiv Kumar has said a strong economic growth rebound is expected on the back of rapid vaccinations, a recovering monsoon boosting agricultural output, thrust on infrastructure investments by the government, and growth in export, which have performed remarkably during April June registering a growth of 18 per cent over the same period in the pre-pandemic year of 2019-20.
Nifty futures opened at 16745.00 points against the previous close of 16718.15 and opened at a low of 16745.00 points. Nifty Future closed with an average movement of 215.00 points and a rise of around 233.75 points and 16951.90 points...!!!
On the NSE, the midcap 100 index will rise 1.94% and smallcap 100 index is closing rise 1.53. Speaking of various sectoral indices, only IT stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, October gold opened at Rs.47438, fell from a high of Rs.47494 points to a low of Rs.47262.00 with a rise of 239 points, a trend of around Rs.47299 and September Silver opened at Rs.63551, fell from a high of Rs.63900 points to a low of Rs.63309, with a rise of 15 points, a trend of around Rs.63600.
Meanwhile, India Ratings and Research in its latest report stated that it expects the aggregate fiscal deficit of states in the country to moderate to 4.1 per cent of GDP in the current financial year from its earlier expectation of 4.3 per cent. In line with the slight moderation in its forecast for fiscal deficit in FY22, the agency expects the aggregate debt/GDP ratio to come in lower at 32.4 per cent in FY22 as against the previous estimate of 34 per cent.
The revenue receipts of state governments are expected to improve, backed by an economic recovery, resulting from a large section of the populace receiving vaccinations. This would lead to states further easing restrictions on business and commercial activity. It said ‘We now expect the aggregate revenue deficit of states to come in marginally lower at 1.3 per cent of GDP in FY22 than the earlier forecast of 1.5 per cent of GDP’.
Technically, the important key resistances are placed in Nifty future are at 17007 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 17077 – 17033 levels. Immediate support is placed at 16888 – 16808 levels.
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