Dear Trader…
In a highly volatile session, Indian equity benchmarks were managing to trade in green in today session, on the back of buying in FMCG and Consumer Durables stocks. Traders were getting relief, with a private report stating that a combination of normal rainfalls aiding bumper agriculture output and the Reserve Bank of India (RBI) further hiking interest rates to cut easy money in the system hold key to bringing down multi-year high inflation triggered by surging food and fuel prices.
Adding more comfort, the commerce and industry minister Piyush Goyal said that India has completely protected the interests of farmers and fishermen in the recently concluded ministerial conference of the World Trade Organisation (WTO) in Geneva. However, some concerns came with a report stating that as many as 428 infrastructure projects, each entailing an investment of Rs 150 crore or more, have been hit by cost overruns of more than Rs 4.98 lakh crore.
Nifty futures opened at 15340.00 points against the previous close of 15319.25 and opened at a low of 15202.30 points. Nifty Future closed with an average movement of 181.70 points and a rise of around 46.75 points and 15366.00 points...!!
On the NSE, the midcap 100 index will rise 2.26% and smallcap 100 index is closing rise 3.20%. Speaking of various sectoral indices, the NSE saw gains in only FMCG, Financial Services, IT and Pharma stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, April gold opened at Rs.50985, fell from a high of Rs.50985 points to a low of Rs.50751 with a decline of 44 points, a trend of around Rs.50790 and March Silver opened at Rs.61057, fell from a high of Rs.61160 points to a low of Rs.60699, with a decline of 69 points, a trend of around Rs.60868.
Meanwhile, Chief Economic Advisor (CEA) V Anantha Nageswaran has said that the government is committed to ensuring that capital expenditure (Capex) will continue to support the economic growth momentum regained after the third COVID-19 wave. The government has taken various steps -- including lowering taxes, the continuation of privatization, setting up institutions for sequestering bad loans and managing them, and launching an asset monetization drive -- to strengthen the real economy.
CEA said ‘given the ongoing sense of uncertainty among the private sector participants, both in banking and the non-banking world, the government is committed to making sure that capital expenditure continues (in) such (a way) that growth impulse that we have regained after the third wave is not surrendered.’ He stated that in the previous fiscal, while the capital expenditure was budgeted at Rs 6 lakh crore, the government managed to spend Rs 5.92 lakh crore and hence, for the current financial year, if the government is able to execute the capital expenditure of Rs 7.5 lakh crore, then that is the biggest real economic intervention.
Technically, the important key resistances are placed in Nifty future are at 15404 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 15434 – 15474 levels. Immediate support is placed at 15202 – 15177 levels.
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