Dear Trader…
Late buying helped Indian equity benchmarks to end near intraday high points with front line gauges recapturing their crucial 52,300 (Sensex) and 15,800 (Nifty) levels as traders opted to buy fundamentally strong but beaten down stocks after three days of continues drubbing. Markets made a pessimistic start on concern over continued FIIs selling. But, soon markets started paring losses as traders found some solace with Finance Minister Nirmala Sitharaman’s statement that GST collections in June witnessed a 56 per cent year-on-year rise to over Rs 1.44 lakh crore, as she exhorted tax officers to ensure the system is so transparent that even an iota of discretion is not there. The gross GST collection in June is the second-highest collection after April when it was about Rs 1.68 lakh crore.
Furthermore, intense buying in last leg of trade mainly helped markets to not only enter into green terrain but end near intraday high levels as traders got support with report that India's macroeconomic fundamentals are strong to deal with global challenges and the central government is committed to stick to the fiscal deficit target of 6.4 per cent of the GDP for the current fiscal. The government is taking steps to deal with the spiralling crude oil prices in the international market.
Nifty futures opened at 15735.00 points against the previous close of 15754.25 and opened at a low of 15651.90 points. Nifty Future closed with an average movement of 201.55 points and a rise of around 77.05 points and 15831.30 points...!!
On the NSE, the midcap 100 index will rise 0.69% and smallcap 100 index is closing rise 0.64%. Speaking of various sectoral indices only Metal, IT, Pharma and Auto stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, August gold opened at Rs.52050, fell from a high of Rs.52300 points to a low of Rs.52000 with a rise of 165 points, a trend of around Rs.52082 and September Silver opened at Rs.58400, fell from a high of Rs.58480 points to a low of Rs.58122, with a rise of 155 points, a trend of around Rs.58330.
Meanwhile, the portal PRAAPTI (Payment Ratification And Analysis in Power procurement for bringing Transparency in Invoicing of generators) has showed that total outstanding dues owed by electricity distribution companies (discoms) to power producers rose by 4 per cent year-on-year (Y-o-Y) to Rs 1,32,432 crore in June 2022 as compared to Rs 1,27,306 crore in June 2021. On a sequential basis, total dues in June increased from Rs 1,30,139 crore in May 2022. The PRAAPTI portal was launched in May 2018 to bring transparency in power purchase transactions between generators and discoms.
In June 2022, the total overdue amount, which was not cleared even after 45 days of grace period offered by generators, stood at Rs 1,15,128 crore as against Rs 1,04,095 crore in the same month a year ago. The overdue amount stood at Rs 1,07,636 crore in May 2022. Power producers give 45 days to discoms to clear bills for electricity supply. After that, outstanding dues become overdue and generators charge penal interest on that in most cases.
Technically, the important key resistances are placed in Nifty future are at 15878 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 15909 – 15919 levels. Immediate support is placed at 15676 – 15606 levels.
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