Dear Trader…
Indian equity benchmarks started the year 2022 on a firm note and gained over one and half percent on Monday. After a strong uptick, the benchmarks moved from strength to strength, on the back of healthy buying in the banking and financial pack even as investors remained cautious over the spike in Omicron cases. Sentiments got a boost as the Finance Ministry said GST revenue collected in December 2021 was over Rs 1.29 lakh crore, 13 per cent higher than the same month last year. The gross GST revenue collected in the month of December 2021 is Rs 1,29,780 crore, of which CGST is Rs 22,578 crore, SGST is Rs 28,658 crore, IGST is Rs 69,155 crore and cess is Rs 9,389 crore.
Frontline equity indices extended gains in second half of trading session, taking support from Crisil Ratings’ report that Non-banking financial companies (NBFCs) showed resilience in 2021 despite the coronavirus pandemic woes and are expected to witness continued momentum in growth in 2022.
Nifty futures opened at 17443.00 points against the previous close of 17409.95 and opened at a low of 17410.05 points. Nifty Future closed with an average movement of 282.30 points and a rise of around 281.95 points and 17691.90 points...!!
On the NSE, the midcap 100 index will rise 1.13% and smallcap 100 index is closing rise 1.15%. Speaking of various sectoral indices only 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.48050, fell from a high of Rs.48130 points to a low of Rs.47975 with a decline of 27 points, a trend of around Rs.48072 and March Silver opened at Rs.62465, fell from a high of Rs.62638 points to a low of Rs.62190, with a decline of 180 points, a trend of around Rs.62480.
Meanwhile, the Controller General of Accounts (CGA) in its latest data has showed that the central government's fiscal deficit at the end of November worked out to be 46.2 per cent of the annual budget target for the FY21-22 due to an improvement in the revenue collection. The deficit figures in the current financial year till November appear much better than the previous financial year when it had soared to 135.1 per cent of the estimates mainly on account of a jump in expenditure to deal with the Covid-19 pandemic.
In actual terms, the deficit stood at Rs 6,95,614 crore at the end of November 2021 against the annual estimate of Rs 15.06 lakh crore. For the current financial year, the government expects the deficit at 6.8 per cent of GDP or Rs 15,06,812 crore.
According to the data, the total receipts of the government at the end of November stood at Rs 13.78 lakh crore or 69.8 per cent of the budget estimates (BE). The collection was just 37 per cent of the BE of 2020-21 in the corresponding period last fiscal. The tax (net) revenue so far stood at 73.5 per cent of the BE of 2021-22. It was only 42.1 per cent of BE 2020-21 in the corresponding period of last fiscal.
The CGA data further said the central government's total expenditure at the end of November stood at Rs 20.74 lakh crore or 59.6 per cent of this year's BE. The fiscal deficit for 2020-21 stood at 9.3 per cent of the gross domestic product (GDP), better than 9.5 per cent projected in the revised estimates in the Budget in February.
Technically, the important key resistances are placed in Nifty future are at 17737 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 17777 – 17808 levels. Immediate support is placed at 17575 – 17505 levels.
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