Dear Trader…
Indian equity benchmarks ended flat on Friday, trimming intraday losses in the dying hour of trade, as investors are eyeing the industrial production data to be out later in the day. Domestic equities began on a quiet note, following weak sentiments in the global market as the market awaits the release of Indian and US November inflation numbers. Traders were concerned as Health Ministry said that there are 23 cases of Omicron variant of Covid-19 in India and authorities are closely monitoring the situation. Maharashtra leads the chart with 10 cases, followed by Rajasthan with nine, while globally there are 2303 cases of Omicron variant.
However, benchmark indices have recovered from the lows of the day, taking support from a private report expects the economy to continue to show positive surprises and record up to 9 percent growth in the next fiscal. For the current financial year too, the report anticipates growth to be higher than the consensus forecast of 8.4-9.5 percent, and printing in at around 10.5 percent.
Nifty futures opened at 17532.00 points against the previous close of 17561.40 and opened at a low of 17435.45 points. Nifty Future closed with an average movement of 149.55 points and a decline of around 15.40 points and 17546.00 points...!!
On the NSE, the midcap 100 index will rise 0.80% and smallcap 100 index is closing rise 0.81. Speaking of various sectoral indices only Financial Services, FMCG, IT and Pharma stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, February gold opened at Rs.47981, fell from a high of Rs.48037 points to a low of Rs.47862.00 with a decline of 47 points, a trend of around Rs.47892 and March Silver opened at Rs.60796, fell from a high of Rs.60848 points to a low of Rs.60322, with a decline of 273 points, a trend of around Rs.60525.
Meanwhile, Finance Minister Nirmala Sitharaman has said for a strong, sustainable and inclusive recovery of the global economy hit by the outbreak of COVID-19 pandemic, it is imperative to ensure collective progress of all countries. She stressed on the critical role of multilateralism and collective action in achieving the goal of global recovery. She also underlined the importance of inclusion, investment, innovation and institutions to support the path of global recovery.
Sitharaman emphasised on the importance of ensuring affordable and equitable access to vaccines and therapeutics to bridge the divergences being witnessed in the global economic recovery. In this context, she said so far India has administered over 1.25 billion doses of vaccines and supplied more than 72 million vaccine doses to over 90 countries, including by way of grant thereby reflecting India's commitment to co-ordinated global action.
She stressed on the importance of enhanced infrastructure investments for enabling a quick and stable return to the growth path. She also emphasised that green investments will play a key role in the rebuilding efforts of governments and called upon the G20 to deliberate on how climate finance and green technologies can be made available to developing countries so as to incentivize and accelerate their efforts towards green growth.
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 17373 – 17303 levels.
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