Dear Trader…
Indian equity benchmarks settled in red for the fourth straight day on Friday, dragged by losses in index heavyweights like Bajaj Finserv, Maruti Suzuki and Bharti Airtel amid weakness across global markets. After opening in the red, benchmark indices slipped further lower, as traders were concerned with former RBI Governor D Subbarao stressed on the need to accelerate India’s economic growth rate and make sure that this benefit of growth is shared, even as he said that unemployment has taken a form of crisis in the country. Subbarao further said the organized sector is shedding jobs and the labor force is moving from high productive sector to the unorganized sector.
Markets continued to trade on a negative note in late afternoon deals even as private survey stating that India’s manufacturing activity recovered slightly in September, from a slowdown in growth in the previous month of August as strengthening demand conditions amid the easing of COVID-19 restrictions boosted sales. According to the monthly IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) survey, manufacturing PMI stood at 53.7 in September, up from 52.3 in August.
Nifty futures opened at 17523.70 points against the previous close of 17623.15 and opened at a low of 17433.00 points. Nifty Future closed with an average movement of 129.30 points and a decline of around 97.90 points and 17525.75 points...!!
On the NSE, the midcap 100 index will rise 0.04% and smallcap 100 index is closing rise 0.13. Speaking of various sectoral indices, the NSE saw gains in Phrama, Media, PSU Bank and Metal stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, October gold opened at Rs.46295, fell from a high of Rs.46295 points to a low of Rs.46155.00 with a decline of 138 points, a trend of around Rs.46185 and September Silver opened at Rs.59600, fell from a high of Rs.60170 points to a low of Rs.59320, with a rise of 249 points, a trend of around Rs.59866.
Meanwhile, Controller General of Accounts (CGA) in its latest data has said that the government's fiscal deficit stood at Rs 4.68 lakh crore or 31.1 per cent of the Budget estimates at the end of August 2021. The deficit figure in the current fiscal appears much better than the previous financial year when it had soared to 109.3 per cent of the estimates, mainly on account of a jump in expenditure to deal with the COVID-19 pandemic.
According to the data, in absolute terms, the fiscal deficit or gap between expenditure and revenue was Rs 4,68,009 crore at end of August. For the current financial year, the government expects the deficit at 6.8 per cent of GDP or Rs 15,06,812 crore. It also stated that the central government's total receipts stood at Rs 8.08 lakh crore or 40.9 per cent of the corresponding Budget Estimate (BE) 2021-22 up to August, 2021.
Technically, the important key resistances are placed in Nifty future are at 17575 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 17606 – 17636 levels. Immediate support is placed at 17434 – 17373 levels.
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