Dear Trader…
Indian equity benchmarks erased most of their losses to end marginally lower on Friday. Key gauges made negative start and extended fall in morning deals, as traders were concerned with the latest public debt management report showing that the government’s total liabilities rose 3.74 per cent to Rs 133.22 lakh crore in the March quarter from Rs 128.41 lakh crore in the three months ended December 2021. Some cautiousness also came as the Reserve Bank said India's external debt increased by $47.1 billion to $620.7 billion in the financial year ended March 2022.
Bourses remained under pressure in late afternoon deals with a private survey showed that India's factory output expanded at its slowest pace in nine months in June as elevated price pressures continued to dampen demand and output. While the Manufacturing Purchasing Managers' Index, compiled by S&P Global, remained resilient, it fell to a nine-month low of 53.9 in June from May's 54.6. Adding to the weakness, rating agency Crisil lowered its real GDP growth forecast for India to 7.3 percent in FY23 from 7.8 percent estimated earlier. It attributed the downward revision to higher oil prices, slowing of export demand, and high inflation.
Nifty futures opened at 15704.00 points against the previous close of 15744.35 and opened at a low of 15513.90 points. Nifty Future closed with an average movement of 273.35 points and a decline of around 29.65 points and 15774.00 points...!!
On the NSE, the midcap 100 index will rise 0.51% and smallcap 100 index is closing rise 0.38%. Speaking of various sectoral indices, FMCG, Realty, Financial Services and Pharma stocks saw heavy gains on the NSE, while all other sectoral indices also closed higher.
At the start of intra-day trading, August gold opened at Rs.51000, fell from a high of Rs.52032 points to a low of Rs.50727 with a rise of 1197 points, a trend of around Rs.51714 and July Silver opened at Rs.58418, fell from a high of Rs.59000 points to a low of Rs.57401, with a decline of 630 points, a trend of around Rs.57700.
Meanwhile, with higher expenditure, the Controller General of Accounts (CGA) in its latest data has showed that the central government's fiscal deficit at the end of May stood at 12.3 per cent of the annual budget target for 2022-23. Fiscal deficit is the difference between total expenditure and revenue of the government. It is an indication of the total borrowings that are needed by the government. The fiscal deficit was at 8.2 per cent of the Budget Estimate (RE) of 2021-22 during the corresponding period.
As per the data, in actual terms, the deficit was at Rs 2,03,921 crore at the end of May. The country's fiscal deficit is projected at 6.4 per cent of the GDP for this fiscal ending March 2023 as against 6.71 per cent for the previous year. The data showed that the total receipts of the government at the end of May was at Rs 3.81 lakh crore or 16.7 per cent of the BE for 2022-23. The collection was about 18 per cent of the BE of 2021-22 in the corresponding period last fiscal.
In May, the tax (net) revenue was at 15.9 per cent of the BE of 2022-23. It was 15.1 per cent of the BE 2021-22 in the year-ago period. In actual terms, the net tax revenue stood at Rs 3,07,589 crore during April-May 2022-23. As per the data, the central government's total expenditure at the end of May stood at Rs 5.85 lakh crore or 14.8 per cent of this year's BE. It was 13.7 per cent of the BE in the corresponding period. For 2022-23, the fiscal deficit of the government is estimated to be Rs 16,61,196 crore.
Technically, the important key resistances are placed in Nifty future are at 15808 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 15888 - 15909 levels. Immediate support is placed at 15676 – 15606 levels.
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