Dear Trader…
Indian equity benchmarks continued to rise for a fourth straight session on Monday, led by strength in power, utilities, auto and telecom stocks. Domestic indices made positive start and stayed in green for whole day, amid strong inflows from foreign investors. After nine consecutive months of relentless selling, foreign investors have turned net buyers and invested nearly Rs 5,000 crore in Indian equities in July on softening dollar index and good corporate earnings.
Key gauges added gains to trade at day’s high points in late afternoon session, as India's manufacturing sector activity gained momentum in July, hitting an eight-month high driven by a significant uptick in business orders. Sentiments remained upbeat after finance ministry said that India collected Rs 1.49 lakh crore as Goods and Services Tax (GST) in July, posting an increase of 28 percent from the same month last year. Compared to the money collected in June, the July GST mop-up was 3 percent higher.
Nifty futures opened at 17262.20 points against the previous close of 17201.85 and opened at a low of 17192.65 points. Nifty Future closed with an average movement of 203.95 points and a rise of around 168.65 points and 17370.50 points...!!
On the NSE, the midcap 100 index will rise 1.67% and smallcap 100 index is closing rise 1.80%. 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.51250, fell from a high of Rs.51489 points to a low of Rs.51115 with a rise of 44 points, a trend of around Rs.51470 and September Silver opened at Rs.58032, fell from a high of Rs.58835 points to a low of Rs.57936, with a rise of 207 points, a trend of around Rs.58577.
Meanwhile, Udaya Bhaskar, Director General of Pharmaceuticals Export Promotion Council of India (Pharmexcil), a body under the Department of Commerce has said that Indian pharma exports registered a growth of 8 per cent during the first quarter of the current financial year (Q1FY23) to $6.26 billion, as he hopes for a 10 per cent growth by the end of the fiscal. He also said that pharma exports to European Union and other CIS countries which were hit by the ongoing war in Ukraine and restrictions are expected to improve once the situation becomes normal.
Bhaskar said ‘in the first quarter, our exports recorded 8 per cent growth. We are positive of a growth of 3.6 per cent to the US in the first quarter, where 30 per cent of our exports go. I am optimistic that our exports to EU and CIS (Commonwealth of Independent States) will improve once the situation of Russia-Ukraine war settles. Our exports may be around $27 in FY 22-23.’ He also said India clocked $24.61 billion worth of pharma exports in FY22, registering 1 per cent growth over FY21.
Further, he said COVID-19 vaccine exports stood at 239 million doses to over 100 countries and they continue to grow. Talking on the ongoing Russia-Ukraine war, he said the former is an important country for India and occupies fifth position in terms of pharma exports. He noted that nearly 60 per cent of the overall exports to CIS countries go to Russia and with the war figures are dwindling.
Technically, the important key resistances are placed in Nifty future are at 17404 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 17434 – 17474 levels. Immediate support is placed at 17272 – 17170 levels.
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