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HomeMarket TrendStock Market Trend : 07 October 2022

Stock Market Trend : 07 October 2022

Dear Trader…

In a volatile session, Indian Benchmark indices erased most of the gains towards the end but still ended higher on Thursday, with investors eyeing quarterly updates from companies ahead of corporate earnings season. Benchmarks made positive start and added gains in morning deals with strong foreign flows. As per provisional data available on the NSE, foreign institutional investors (FIIs) remained net buyers to the tune of Rs 1,344.63 crore on October 4. Some support came in as the IMF said recent tightening actions by many central banks around the world will help to prevent high inflation from becoming entrenched.

However, key gauges pared most of their gains in late afternoon session, as some concern came with private survey showed that growth in India’s services industry slumped in September to a six-month low, led by a substantial easing in demand amid high inflation. The S&P Global India services Purchasing Managers’ Index fell to 54.3 in September from August’s 57.2, much lower than the Reuters poll expectation for a gentle drop to 57.0. Despite staying above the 50-mark separating growth from contraction for the fourteenth straight month – the longest stretch of expansion since October 2016 – the index fell to its lowest since March.

Nifty futures opened at 17421.20 points against the previous close of 17293.00 and opened at a low of 17313.00 points. Nifty Future closed with an average movement of 131.00 points and a rise of around 20.00 points and 17313.00 points…!!

On the NSE, the midcap 100 index will rise 1.26% and smallcap 100 index is closing rise 1.24%. Speaking of various sectoral indices, FMCG and Pharma saw 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.51836, fell from a high of Rs.52093 points to a low of Rs.51790 with a rise of 333 points, a trend of around Rs.51979 and December Silver opened at Rs.61100, fell from a high of Rs.61675 points to a low of Rs.60836, with a rise of 433 points, a trend of around Rs.61200.

Meanwhile, the International Monetary Fund (IMF) has said that recent tightening actions by many central banks around the world will help to prevent high inflation from becoming entrenched. It said the current coincidence of rising inflation and nominal wage growth has led to concerns that a wage-price spiral-in which both wages and prices accelerate for a prolonged period-could emerge.

It further said many economies have seen sharp rises in price inflation since 2021 as adverse supply shocks buffet the global economy and labour markets appear tight in the wake of the acute COVID-19 shock. These inflation rises have raised concerns among some observers that prices and wages could start feeding off each other and accelerate, leading to a wage-price spiral dynamic.

John Bluedorn, Deputy Division Chief on the World Economic Outlook in the IMF’s Research Department, said if inflationary shocks start to come from the labour market itself- such as an unexpected, sharp uptick in wage indexation-that could moderate the effects of falling real wages, pushing up both wage growth and inflation for longer.

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 17474 – 17606 levels. Immediate support is placed at 17288 – 17202 levels.

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