Dear Trader…
Indian equity benchmarks continued their lackluster trade in today session, with Sensex and Nifty trading below their psychological level. Sentiments were under pressure with private report stated that hiring demand witnessed a dip of three per cent in October sequentially, mainly due to a decline in recruitment of professionals in purchase, logistics and supply chain after festive hiring hikes in September.
For domestic investors, continuous foreign outflows was also a concern, foreign institutional investors (FIIs) again stood as net sellers in the capital market as they offloaded shares worth Rs 2,445.25 crore on Tuesday, as exchange data showed. In scrip specific development, Nykaa shares made a stellar listing on the stock exchanges today, despite the overall weak market momentum. Shares of Nykaa opened for trading at Rs 2,001 apiece, up 78% or Rs 876 per share from the issue price of Rs 1,125 per share.
Nifty futures opened at 17989.65 points against the previous close of 18070.40 and opened at a low of 17925.20 points. Nifty Future closed with an average movement of 160.80 points and a decline of around 55.40 points and 18015.00 points...!!
On the NSE, the midcap 100 index will decline 0.44% and smallcap 100 index is closing decline 0.09. Speaking of various sectoral indices only Auto, Pharma, Healthcare And Oil & Gas were seen Buying on the NSE, while all other sectoral indices closed Lower.
At the start of intra-day trading, December gold opened at Rs.48248, fell from a high of Rs.48362 points to a low of Rs.48168.00 with a decline of 28 points, a trend of around Rs.48259 and December Silver opened at Rs.64700, fell from a high of Rs.64900 points to a low of Rs.64503, with a decline of 65 points, a trend of around Rs.64505.
Meanwhile, in order to strengthen ease of doing business in the domestic mineral sector, the Union government has notified the amended minerals concession rules that will pave the way for releasing of additional minerals in the market by greater utilization of mining capacities of captive mines. It also provides for the manner in which 50 percent of mineral produced from the captive mines can be sold.
The mines ministry has notified the Minerals (Other than Atomic and Hydro Carbons Energy Mineral) Concession (Fourth Amendment) Rules, 2021 to amend The Minerals (Other than Atomic and Hydro Carbons Energy Mineral) Concession Rules, 2016 (MCR, 2016). The new rules have been framed after extensive consultations with state governments, industry associations, miners, other stakeholders and general public. Various amendments were made in the Mines and Minerals (Development and Amendment) Act, 1957 (MMDR Act) earlier this year.
The changes were aimed at increasing employment and investment in the mining sector, increasing revenues to states, raising the production and time-bound operationalisation of mines, among other objectives. The allowance for sale of prescribed quantity of mineral shall also motivate the lessees to enhance the production from the captive mines. Further, additional premium amount, royalty and other statutory payments in respect of the quantity sold will boost the revenue of the state governments. Provisions have also been added to allow disposal of overburden/ waste rock/ mineral below the threshold value, which is generated during the course of mining or beneficiation of the mineral.
Technically, the important key resistances are placed in Nifty future are at 18088 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 18138 – 18188 levels. Immediate support is placed at 17909 – 17880 levels.
Note :- Before Act please refer & agree Terms & conditions, Disclaimer, privacy policy & agreement on www.nikhilbhatt.in
