Dear Trader…
Indian equity benchmarks erased all the losses to turn positive in today session; both Sensex and Nifty were close above 58,800 and 17,550 marks, respectively. Buying in frontline stocks such as Larsen & Toubro, ITC and Kotak Mahindra Bank were aiding sentiment, while selling in Indusind Bank, Tata Steel and Infosys kept the gains in the markets in check.
Some support came as Reserve Bank of India (RBI) in its latest monthly data on India’s International Trade in Services has showed that the country’s services exports increased by 20.2 per cent year-on-year to $23.26 billion in July 2022. However, the July exports were lower than $25.29 billion in June this fiscal. Though, upside remain capped as chief economist at State Bank of India revised downward the full-year growth forecast to a low 6.8 per cent from 7.5 per cent earlier for FY2023, citing the way below GDP numbers for the first quarter.
Nifty futures opened at 17592.00 points against the previous close of 17592.40 and opened at a low of 17491.35 points. Nifty Future closed with an average movement of 170.15 points and a decline of around 34.15 points and 17558.25 points...!!
On the NSE, the midcap 100 index will decline 0.36% and smallcap 100 index is closing decline 0.17%. Speaking of various sectoral indices, the NSE saw gains in Financial Services, Media, FMCG, Bank, PVT Bank and Metal stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, October gold opened at Rs.50050, fell from a high of Rs.50344 points to a low of Rs.50050 with a rise of 241 points, a trend of around Rs.50311 and September Silver opened at Rs.52519, fell from a high of Rs.52519 points to a low of Rs.52108, with a rise of 52340 points, a trend of around Rs.52340.
Meanwhile, government has decided not to extend the anti-dumping duty imposed on ammonium nitrate imported from Russia, Iran and Georgia. The finance ministry has not accepted the recommendations of the directorate general of trade remedies (DGTR). The commerce ministry's investigation arm DGTR had conducted a probe to review the need for continuing imposition of anti-dumping duty on the product imported from these countries, following a complaint from the domestic industry.
In June, the directorate recommended an extension of the duty on imports for two more years. Smartchem Technologies had filed an application before the Directorate General of Trade Remedies for initiation of a sunset review investigation, concerning imports of ammonium nitrate originating in or exported from Russia, Georgia and Iran. The applicant had alleged that the expiry of anti-dumping duty on the import of the product from these countries is likely to lead to the continuation or recurrence of dumping and injury to the domestic industry.
The product is used in manufacturing slurry-based and emulsion-based explosives, which are in turn used for mining and infrastructure purposes. It is also used as a fertiliser in many countries. However, in India, it is not included under the definition of fertilisers under the Fertiliser Control Order, 1985. The current duty on the product would expire on September 11, 2022.
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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