Dear Trader…
Indian equity benchmarks ended lower on Thursday with Sensex and Nifty settling below 58,800 and 17,550 mark respectively, mainly dragged by telecom, realty and industrials stocks amid weak global cues. Markets made gap-down opening and traded under pressure throughout the day, as India's gross domestic product (GDP) rose 13.5% year-on-year (y-o-y) in the April-June period. Though, it is the fastest annual expansion in a year, it was lower than the predictions made by the Reserve Bank of India (RBI; 16.2 per cent) and other market participants.
But, key gauges failed to hold recovery and fell sharply in late afternoon deals, as some pessimism remained among traders as report stated that India's manufacturing activity improved again in August, although S&P Global's Purchasing Managers' Index (PMI) edged down to 56.2 from the eight-month high of 56.4 recorded in July. Market participants remained cautious as Moody’s Investors Service has lowered its gross domestic product (GDP) growth forecast for India to 7.7 percent for the calendar year 2022 (CY22).
Nifty futures opened at 17552.00 points against the previous close of 17827.50 and opened at a low of 17482.00 points. Nifty Future closed with an average movement of 252.90 points and a decline of around 216.35 points and 17611.15 points...!!
On the NSE, the midcap 100 index will rise 0.11% and smallcap 100 index is closing rise 0.12%. Speaking of various sectoral indices, the NSE saw gains in only Realty, PSU Bank, Auto and Media stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, October gold opened at Rs.50202, fell from a high of Rs.50293 points to a low of Rs.50003 with a decline of 358 points, a trend of around Rs.50056 and September Silver opened at Rs.51600, fell from a high of Rs.51850 points to a low of Rs.51587, with a decline of 855 points, a trend of around Rs.51706.
Meanwhile, the output of eight core infrastructure sectors contracted to six-month low of 4.5 per cent in July 2022 against 9.9 per cent in the year-ago period. The production growth of eight infrastructure sectors was 13.2 per cent in June 2022. The Eight Core Industries - coal, crude oil, natural gas, refinery products, fertilizers, steel, cement and electricity - comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).
Coal production having 10.33 per cent weight increased by 11.4 per cent in July, 2022 over July, 2021 and its cumulative index increased by 26.6 per cent during April to July, 2022-23 over corresponding period of the previous year. Petroleum Refinery production having 28.04 per cent weight increased by 6.2 per cent in July, 2022 over July, 2021 and its cumulative index increased by 11.7 per cent during April to July, 2022-23 over the corresponding period of previous year. Fertilizers production having 2.63 per cent weight increased by 6.2 per cent in July, 2022 over July, 2021 and its cumulative index increased by 11.3 per cent during April to July, 2022-23 over the corresponding period of previous year.
Technically, the important key resistances are placed in Nifty future are at 17676 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 17737 – 17808 levels. Immediate support is placed at 17474 – 17303 levels.
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