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Indian equity benchmarks ended with strong gains on Thursday following value buying in banking, TECK and IT stocks and a largely positive trend in global markets. Markets begun the day on a strong note, as traders took encouragement as International Monetary Fund's (IMF) Managing Director Kristalina Georgieva said that despite global uncertainty and headwinds, India continues to be a bright spot in the global economy. Besides, foreign institutional investors (FIIs) have net-bought shares worth Rs 758.37 crore on September 7, as per provisional data available on the NSE.
Markets extended gains in last leg of trade, taking support as Finance Minister Nirmala Sitharaman highlighted that inflation has come down to a manageable level and said the country’s economic growth remains a priority for the government. She added that job creation and equitable distribution of wealth remain the other focus areas. The sentiments remained ebullient amid private report stating that the Indian market has chartered a divergent path with most world markets over the past three months. To illustrate, the benchmark Sensex is up 7 per cent over the past three months even as the MSCI World index has declined 7 per cent.
Nifty futures opened at 17750.00 points against the previous close of 17651.05 and opened at a low of 17695.00 points. Nifty Future closed with an average movement of 142.75 points and a rise of around 181.10 points and 17832.15 points...!!
On the NSE, the midcap 100 index will rise 0.18% and smallcap 100 index is closing rise 0.96%. Speaking of various sectoral indices only Metal, Media, Realty and Pharma stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, October gold opened at Rs.50470, fell from a high of Rs.50743 points to a low of Rs.50425 with a rise of 21 points, a trend of around Rs.50527 and December Silver opened at Rs.54165, fell from a high of Rs.54761 points to a low of Rs.54039, with a rise of 289 points, a trend of around Rs.54316.
Meanwhile, highlighting inflation has come down to a manageable level, Finance Minister Nirmala Sitharaman has said the country’s economic growth remains a priority for the government. She added that job creation and equitable distribution of wealth remain the other focus areas. She said ‘some of course are red-lettered (priorities), some may not be. Red-lettered ones would of course be jobs, equitable wealth distribution and making sure India is moving on the path of growth.’
She also said ‘In that sense inflation is not red-lettered. I hope it doesn’t surprise many of you. We have shown that in the past couple of months that we were able to bring it to a manageable level’. According to the government data, retail inflation softened to 6.71 per cent in July due to moderation in food prices but remained above the Reserve Bank’s comfort level of 6 per cent for the seventh consecutive month. The Consumer Price Index (CPI) based retail inflation was at 7.01 per cent in June and 5.59 per cent in July 2021. It was above 7 per cent from April to June this fiscal. She exuded confidence that the Reserve Bank would manage the volatility emerging from aggressive rate hike stance by the US Fed and the European Central Bank.
Technically, the important key resistances are placed in Nifty future are at 17909 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 17939 – 18008 levels. Immediate support is placed at 17676 – 17606 levels.
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