Dear Trader…
Indian shares rose for the seventh straight session to close at an all-time high on Monday helped by gains in public sector banks, while metals and energy stocks surged on the back of a rise in commodity prices. Shares of Tata Power rose as much as 19% after a report last week said the power generation company was in talks with pension and sovereign fund managers to raise about $500 million, before a planned IPO by its renewable energy unit.
Investors are now looking to updates from industries after state-run Coal India temporarily stopped auctioning coal to non-power customers and reduced contracted supplies, potentially hurting companies in other industries as India battles one of its worst power supply deficits in years.
Nifty futures opened at 18456.25 points against the previous close of 18355.00 and opened at a low of 18436.10 points. Nifty Future closed with an average movement of 107.15 points and a rise of around 132.90 points and 18487.90 points...!!
On the NSE, the midcap 100 index will rise 1.17% and smallcap 100 index is closing rise 0.70%. Speaking of various sectoral indices only media, pharma & healthcare stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, December gold opened at Rs.47220, fell from a high of Rs.47366 points to a low of Rs.47169.00 with a rise of 78 points, a trend of around Rs.47291 and December Silver opened at Rs.63235, fell from a high of Rs.63636 points to a low of Rs.63193, with a rise of 219 points, a trend of around Rs.63490.
Meanwhile, Union Finance Minister Nirmala Sitharaman has said that as an accommodative fiscal stance is being maintained in the near-term to support the economy, the government remains committed to bring the economy on the fiscal consolidation path in the near-to-medium term. She said the Union government fiscal deficit is budgeted at 6.8 percent of GDP in the current year and it will be reduced to 4.5 percent of GDP by 2025-26. He said the RBI is studying developments around inflation and growth that are dynamic and are evolving. He noted that the central bank has retained its growth forecast for the country's real gross domestic product (GDP) at 9.5 percent for the current financial year (FY22).
Expressing optimism over the growth of India’s economy, Minister of State for External Affairs V Muraleedharan has said that the economy is bouncing back strongly, domestic consumption is increasing and industrial production is at pre-COVID level. He also emphasized that the reforms implemented by the government has provided fillip to the business ecosystem in the country. The Chinese economy grew slower in the third quarter, mainly because of policy challenges and high base effects from last year," said Iris Pang, economist at Dutch bank ING.
Technically, the important key resistances are placed in Nifty future are at 18533 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 18575 – 18606 levels. Immediate support is placed at 18373 – 18330 levels.
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