Dear Trader…
A continued heavy selling pushed Indian equity markets near their fresh intraday low points in today deals, with both Sensex and Nifty closed in deep red, despite positive cues from other Asian markets. Sentiments were downbeat, amid a private report stating that private equity (PE) and venture capital (VC) investments in Asia-Pacific excluding Japan continued their downward trajectory when 2022 closed. According to data from S&P Global Market Intelligence, deals totaled $5.39 billion across 42 announced and completed transactions in the fourth quarter of 2022, compared to $20.07 billion across 79 transactions in the same period in 2021.
Adding more worries among traders, a study by market regulator SEBI showed that nine out of 10 individual traders in the equity F&O segment incurred net losses during both the years FY 2018-19 and FY 2021-22. There has been a significant increase of over 500 per cent in the number of individual traders in the equity F&O segment in FY 2021-22, as compared to FY 2018-19.
Nifty futures opened at 17988.00 points against the previous close of 17985.90 and opened at a low of 17576.80 points. Nifty Future closed with an average movement of 418.20 points and a decline of around 298.75 points and 17687.15 points...!!
On the NSE, the midcap 100 index will decline 1.47% and smallcap 100 index is closing decline 1.89%. Speaking of various sectoral indices, the NSE saw gains in only Auto, Pharma and FMCG stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, February gold opened at Rs.56760, fell from a high of Rs.56915 points to a low of Rs.56640 with a decline of 92 points, a trend of around Rs.56870 and March Silver opened at Rs.68589, fell from a high of Rs.68926 points to a low of Rs.68487, with a rise of 64 points, a trend of around Rs.68740.
Meanwhile, the Reserve Bank of India's (RBI's) Executive Director -- Ajay Kumar Choudhary has said that digital currency will further bolster the digital economy, make payment system more efficient, reduce cost involved in physical cash management and also contribute to further financial inclusion. He said the RBI has already launched pilots of Central Bank Digital Currency (CBDC) in wholesale and retail segments last year. He said the CBDC is just a digital form of the physical currency and will have all its characteristics.
Asserting that the digital currency is aimed to compliment rather than replace the current forms of money, Choudhary said ‘it should not be construed as a step to replace any of the existing bouquet of payment which are already available with us.’ He said the key motivation for exploring the issuance of CBDC in India among others include moving to a digital economy, reduction in production and operation cost involved in physical cash management, which is huge even if suppose 10-15 per cent reduction, fostering financial inclusion, adding efficiency in the settlement system, boosting innovation in a cross-border payment space.
Technically, the important key resistances are placed in Nifty future are at 17808 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 17474 – 17303 levels.
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