Dear Trader…
Firm trade continued over the Dalal Street in today deals, with both Sensex and Nifty trading with notable gains, despite negative cues from other Asian markets. Domestic sentiments remained optimistic, as Mathias Cormann, the secretary-general of the Organization for Economic Co-operation & Development (OECD) said that India has been growing very strongly - and as a key player in G20, India holds opportunity to help shape the global agenda.
Adding more optimism, Union Minister for Commerce and Industry, Piyush Goyal has said that the Government today thinks like a startup, relentlessly focusing on newer and better ideas and striving to saturate them throughout the country to improve efficiency, effectiveness, productivity, transparency and integrity of systems and processes.
Nifty futures opened at 17916.25 points against the previous close of 17941.75 and opened at a low of 17916.25 points. Nifty Future closed with an average movement of 187.65 points and a rise of around 147.05 points and 18173.20 points...!!
On the NSE, the midcap 100 index will decline 0.11% and smallcap 100 index is closing decline 0.04%. Speaking of various sectoral indices only PSU Bank, Media and Pharma stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, February gold opened at Rs.56479, fell from a high of Rs.56521 points to a low of Rs.56316 with a decline of 45 points, a trend of around Rs.56437 and March Silver opened at Rs.69686, fell from a high of Rs.69849 points to a low of Rs.69265, with a decline of 368 points, a trend of around Rs.69418.
Meanwhile, rating agency Crisil in its latest report has said that driven by a 20 per cent rise in the number of originators to 120, securitization volume jumped 42 per cent to over Rs 1.15 lakh crore in the first three quarters of the current fiscal.
The report said growth in the non-mortgage space was led by commercial vehicle (31 per cent) and microfinance (14 per cent) loans. Unsecured loans, including personal and business loans, also continued to draw investors' attention, comprising 7 per cent of the securitized assets compared to 3 per cent in FY22, but the share of property-backed loans declined to 38 per cent from 43 per cent in FY22.
It also stated that the securitization market is continuing to regain its mojo post-pandemic, propped up by a resurgence in microfinance and increasing preference among investors for vehicle loans. Additionally, it said personal and business loans seem to be gaining greater acceptance, bringing diversity to the bouquet of asset classes being securitized. Direct assignment transactions accounted for 60 per cent of the quantum led by mortgage and gold loan pools. Correspondingly, the share of pass-through certificates (PTCs) was at 40 per cent, down marginally from 41 per cent.
Technically, the important key resistances are placed in Nifty future are at 18133 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 18180 – 18202 levels. Immediate support is placed at 18008 – 17808 levels.
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