Dear Trader…
Indian shares closed higher on Friday, booking their fifth weekly gain in six weeks as falling COVID-19 cases and surge in vaccinations boosted confidence in an economic recovery. Sentiments were upbeat with private report stating that the business activities across sectors such as auto, consumer goods and electronics, smartphones, ecommerce, hospitality and real estate picked up in June over May, amid falling infections and gradual relaxation of Covid-induced restrictions in various parts of the country. Additional support also came in as a private report stated that Emergency Credit-Linked Guarantee Scheme (ECLGS) of the government could be in for a major scale-up -- to Rs 5 lakh crore from Rs 3 lakh crore at present.
Besides, the scope of the scheme is likely to be expanded to include hospitals with a view to ramping up health infra in the country. Global cues too remained supportive as all Asian markets trading higher after U. S. shares hit a record on a bipartisan $579 billion U. S. infrastructure deal that stoked economic optimism.
Nifty futures opened at 15852.20 points against the previous close of 15832.45 and opened at a low of 15802.20 points. Nifty Future closed with an average movement of 97.80 points and a rise of around 61.80 points and 15894.25 points .. !!!
On the NSE, the midcap 100 index will rise 1.10% and smallcap 100 index is closing rise 0.54%. Speaking of various sectoral indices, only FMCG stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, August gold opened at Rs.46948, fell from a high of Rs.47213 points to a low of Rs.46835, with a rise of 265 points, a trend of around Rs.47135 and July Silver opened at Rs.68109, fell from a high of Rs.68499 points to a low of Rs.67756, with a rise of 526 points, a trend of around Rs.68259..!!
Meanwhile, asserting that continuous reforms make India a great place to do business, Finance Minister Nirmala Sitharaman has invited global investors to take advantage of the recent FDI reforms, the privatisation policy and the performance linked incentive (PLI) scheme. She said that the fiscal situation is under control and is expected to improve further, and also emphasized the strong fundamental of the economy.
Sitharaman has stated that the fiscal deficit for 2020-21 was at 9.3 percent of the gross domestic product (GDP), lower than 9.5 percent estimated by the finance ministry in the revised Budget estimates. She noted that COVID-19 and its aftermath has shown the Indian economy's resilience, Sitharaman said, adding that the highest ever Goods and Services Tax (GST) collection shows the bright spot and indicates greater formalisation of the economy and tax compliance.
The minister has stated that the country is committed for a long-term relationship with US investors and proposes to meet twice yearly. She added that macro-economic stability, infrastructure-led economic growth opportunities, financial sector reforms, and positioning as a strong player in global supply chain are just some of the ways India continues to rise as a global economic powerhouse.
Technically, the important key resistances are placed in Nifty future are at 15909 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 15979 – 16008 levels. Immediate support is placed at 15808 – 15676 levels.
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