Dear Trader…
Markets gained for the second consecutive day amid supportive global cues. The benchmark witnessed a gap up start and continued to trade with positive bias throughout the day. Gains in frontline blue chip stocks such as Indusind Bank, Bajaj Finance and Titan Co also helped lift the markets. Sentiments were upbeat with private survey report indicating that Indian consumers are concerned about rising costs but 71 per cent of them believe the economy will recover within a year.
Foreign fund inflows also added to the momentum. Foreign institutional investors (FIIs) have net bought shares worth Rs 312.31 crore on September 19, as per provisional data available on the NSE. On the global front, all Asian markets were trading higher due to technical buying after heavy correction with the worries over global economic health ahead to the monetary policy decision by Federal Reserve on Wednesday.
Nifty futures opened at 17775.00 points against the previous close of 17628.00 and opened at a low of 17756.00 points. Nifty Future closed with an average movement of 187.10 points and a rise of around 175.70 points and 17803.70 points...!!
On the NSE, the midcap 100 index will rise 1.43% and smallcap 100 index is closing rise 1.11%. Speaking of various sectoral indices, Pharma, PVT Bank, Auto, Realty and Metal stocks saw heavy gains on the NSE, while all other sectoral indices also closed higher.
At the start of intra-day trading, October gold opened at Rs.49400, fell from a high of Rs.49457 points to a low of Rs.49218 with a decline of 32 points, a trend of around Rs.49270 and December Silver opened at Rs.57002, fell from a high of Rs.57138 points to a low of Rs.56511, with a rise of 6 points, a trend of around Rs.56690.
Meanwhile, welcoming the National Logistics Policy launched by the government, the Federation of Indian Chambers of Commerce & Industry (FICCI) has said that the policy has the potential to significantly reduce costs, improve industry competitiveness, and along with Gati Shakti the resultant unified policy environment would substantially strengthen the logistics sector through optimum inter-ministry coordination and deployment of resources.
FICCI stated that combining the strengths of different modes of transport, adopting technology, and digitization will give a major fillip to the industry. The National Logistics Policy and the PM Gati Shakti would significantly help to reduce costs and augment competitiveness. The logistics policy is aimed at bringing down the logistic costs and improving the competitiveness of domestic goods in the global market.
It further said with PM Gati Shakti significantly boosting the pace of infrastructure development in the country, it is an opportune time for an integrated tech-enabled approach to logistic operations to bridge efficiency gaps and improve industry competitiveness. The focus on building an efficient multimodal transport mix, comprising 45 per cent of freight movement by road, 40 per cent by rail and 15 per cent through coastal shipping and inland waterways, in the National Logistics Policy is significant. It will reduce costs, but importantly, will help create jobs in the nascent opportunities like inland waterway.
Technically, the important key resistances are placed in Nifty future are at 17878 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 17909 – 18008 levels. Immediate support is placed at 17676 – 17606 levels.
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