Dear Trader…
Indian equity benchmarks fell for second straight session on Wednesday dragged by losses in Finance, FMCG and Banking shares amid weaknesses from global markets. Markets made gap-down opening and traded in red for most part of the session, as traders remained cautious with Rating agency Crisil’s statement that States' indebtedness will remain high this fiscal at 33 per cent, which is only a notch below the record high of 34 per cent of their gross domestic products in FY21, as tax buoyancy will be offset by higher revenue expenditure and capital outlays.
However, the market witnessed some positive movements in late hour of trading session but failed to hold gains and ended lower, even as rating agency Standard & Poor’s (S&P) statement that high-frequency indicators suggest a strong rebound during the July-September quarter after a steep contraction in activity in the previous three months on the back of a severe Covid-19 wave. The agency retained India’s economic growth projection at 9.5 per cent for the current fiscal year.
Nifty futures opened at 17669.00 points against the previous close of 17748.20 and opened at a low of 17613.05 points. Nifty Future closed with an average movement of 181.00 points and a decline of around 37.85 points and 17710.35 points...!!
On the NSE, the midcap 100 index will rise 1.08% and smallcap 100 index is closing rise 0.41. Speaking of various sectoral indices, the NSE saw gains in Metal, Pharma, PSU Bank, Consumer Durables End Oil & Gas while all other sectoral indices closed Higher.
At the start of intra-day trading, October gold opened at Rs.46071, fell from a high of Rs.46071 points to a low of Rs.45730.00 with a decline of 238 points, a trend of around Rs.45831 and September Silver opened at Rs.60572, fell from a high of Rs.60585 points to a low of Rs.59612, with a decline of 806 points, a trend of around Rs.59828.
Meanwhile, Commerce and Industry Minister Piyush Goyal has said that all efforts and measures to reduce compliance burden by means of simplification, elimination and decriminalization of several laws can have a transformative impact and multiplier effect on ease of doing business. He said reduction of compliance burden is about trust in every business, person and citizen.
Goyal has stated that in the last seven years, several such measures have been taken due to which there is an improvement in competitiveness, innovation, and ease of doing business. To reduce these burdens, he said that every ministry, department and states were asked to conduct a comprehensive review of compliances under their purview to understand their relevance and rationale and undertake a complete process re-engineering to eliminate burdensome compliances.
The objective set for this comprehensive exercise was to improve ease of living and ease of doing business by simplifying, rationalizing, digitizing and decriminalizing government to business and citizen interfaces across all ministries/departments and states/UTs. This is being done by a four-pronged strategy, including elimination of compliance burden, digitization: creation of online interfaces and decriminalization of certain laws.
Technically, the important key resistances are placed in Nifty future are at 17770 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 17808 – 17888 levels. Immediate support is placed at 17676 – 17606 levels.
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