Dear Trader…
Indian stock markets continued to trade in positive terrain in the today session due to buying in Telecom, Capital Goods and Realty stocks. Buying in frontline stocks such as Indusind Bank, Bharti Airtel and Axis Bank were aiding sentiment, while selling in Tech Mahindra, Kotak Mahindra Bank and Reliance Industries kept the gains in the markets in check. Traders were getting comfort as foreign Institutional Investors (FIIs) bought shares worth a net Rs 1780.94 crore in the Indian equity market on July 20, exchange data showed.
Additional support came with former Niti Aayog Vice Chairman Arvind Panagariya’s statement that Indian economy, which has grown fairly rapidly in the last 17 years, will grow at 7-8 per cent in the next couple of decades. However, upside remain capped with private report stating that India’s economic activity showed early signs of cooling off in June as acute price pressures, rising interest rates, and a falling rupee dampened sentiment after a strong showing the previous month.
Nifty futures opened at 16524.10 points against the previous close of 16519.60 and opened at a low of 16489.50 points. Nifty Future closed with an average movement of 128.50 points and a rise of around 96.85 points and 16616.45 points...!!
On the NSE, the midcap 100 index will rise 1.38% and smallcap 100 index is closing rise 0.77%. Speaking of various sectoral indices only Pharma 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.50000, fell from a high of Rs.50040 points to a low of Rs.49703 with a decline of 460 points, a trend of around Rs.49765 and September Silver opened at Rs.55450, fell from a high of Rs.55450 points to a low of Rs.54151, with a decline of 1228 points, a trend of around Rs.54391.
Meanwhile, Minister of state for electronics and IT Rajeev Chandrasekhar has said that electronic goods exports from the country grew by about 42 percent to Rs 1,16,894 crore in 2021-22. He said there has been an increase in both manufacturing and exports of electronic goods in the country in the last five years. He pointed out that the export of electronic goods has substantially increased in the period 2017-18 to 2021-22 with a compound annual growth rate of 29 percent whereas the production has grown with a compound annual growth rate of 17.9 percent.
According to data shared by the minister, electronics export from the country were Rs 81,822 crore in 2020-21. The electronics production in the country grew to Rs 5,54,461 crore in 2020-21 from Rs 5,33,550 crore in 2019-20. He said so far, 314 applicants with an investment of Rs 86,912 crore and committed incentives of Rs 9,544 crore have been approved. Incentives amounting to Rs 1,781.02 crore have been disbursed. Out of 314 units approved, 271 units have invested Rs 31,416 crore and 233 units have started production.
The minister further said that the government has committed Rs 409 crore funds through electronics development, which aims to foster research and development and innovation in technology sectors. Rs 409 crore has been committed through EDF (Electronics Development Fund) to 9 Daughter Funds with a targeted corpus of Rs 2,626 crore. To date, EDF has invested Rs 236.48 crore in 8 Daughter funds with direct employment generation of 18,500.
Technically, the important key resistances are placed in Nifty future are at 16636 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 16676 – 16707 levels. Immediate support is placed at 16474 – 16404 levels.
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