Dear Trader…
In a session marked by high volatility, Indian equity benchmarks managed to eke out gains to end at record closing highs on Monday led by gains in Maruti Suzuki, Mahindra & Mahindra and Bajaj Auto amid a largely positive trend in global markets. The benchmarks staged a gap up opening, as sentiments got a boost as Union Finance Minister Nirmala Sitharaman said the Indian economy is on a sustained path of revival and cited rise in GST collections and direct taxes to support her assertion.
However, the indices gave up gains in the first hour of opening to trade in a range bound manner, as traders got anxious with RBI data showed the country's foreign exchange reserves declined by $1.47 billion to $639.642 billion in the week ended September 17. Traders also remain concerned with report stating that as many as 470 infrastructure projects, each worth Rs 150 crore or more, have been hit by cost overruns totalling more than Rs 4.37 lakh crore.
Nifty futures opened at 18088.30 points against the previous close of 17853.60 and opened at a low of 17806.00 points. Nifty Future closed with an average movement of 282.30 points and a rise of around 8.40 points and 17862.00 points...!!
On the NSE, the midcap 100 index will rise 0.03% and smallcap 100 index is closing decline 0.12. Speaking of various sectoral indices only IT, Pharma and FMCG 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.46036, fell from a high of Rs.46186 points to a low of Rs.45902.00 with a decline of 39 points, a trend of around Rs.45956 and September Silver opened at Rs.60626, fell from a high of Rs.60693 points to a low of Rs.60156, with a rise of 471 points, a trend of around Rs.60426.
Meanwhile, Minister of State for Finance Bhagwat K Karad has said the government plans to increase public sector undertakings' (PSUs) income and create employment through the disinvestment process. He said public sector companies provide employment to 14 lakh (1.4 million) people in the country.
He said disinvestment doesn't mean that the companies are making losses, but the government has different plans to increase their income and to increase jobs. He said the government has decided to garner around Rs 6 lakh crore by way of monetization.
Last month, Finance Minister Nirmala Sitharaman had announced a Rs 6-lakh crore National Monetization Pipeline (NMP) to unlock value in infrastructure assets across sectors ranging from power to road and railways. The plan, designed by the NITI Aayog, intends to sell off/lease public sector assets worth Rs 6 lakh crore to private companies in four financial years between 2021-22 and 2024-25.
Technically, the important key resistances are placed in Nifty future are at 17909 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 17929 – 18008 levels. Immediate support is placed at 17808 – 17737 levels.
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