Dear Trader…
Indian equity benchmarks took a U-turn after three consecutive days of gains to end in the red on Thursday, amid profit-booking. Weak global cues also dampened the mood on Dalal Street. Indices opened on a tepid note and traded lower throughout the day, as domestic rating agency CRISIL has estimated FY23 real GDP growth at 7.8 per cent as compared with the 8.5 per cent projected in the Economic Survey. The agency said global growth is expected to slow this year as major economies see a withdrawal of monetary and fiscal stimulus. It will have a direct bearing on India's growth prospects as exports have been a key demand driver of domestic growth during the pandemic.
The key benchmarks extended losses and languished near the lows of the day in late afternoon session. Selling further crept in as foreign institutional investors stood as net sellers in the capital market as they offloaded shares worth Rs 183.60 crore on Wednesday. Traders failed to take support with data by Centre for Monitoring Indian Economy (CMIE) showing that India's unemployment rate witnessed a sharp decline to 6.57 per cent in January, the lowest since March 2021, as the country gradually recovers with easing of restrictions following a decline in Omicron cases.
Nifty futures opened at 17780.05 points against the previous close of 17795.90 and opened at a low of 17500.00 points. Nifty Future closed with an average movement of 284.00 points and a decline of around 288.90 points and 17507.00 points...!!
On the NSE, the midcap 100 index will decline 0.96% and smallcap 100 index is closing decline 0.34%. Speaking of various sectoral indices, the NSE saw gains in only Auto stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, February gold opened at Rs.48099, fell from a high of Rs.48099 points to a low of Rs.47920 with a rise of 39 points, a trend of around Rs.47961 and March Silver opened at Rs.61350, fell from a high of Rs.61398 points to a low of Rs.60808, with a decline of 632 points, a trend of around Rs.60871.
Meanwhile, the data released by the government has indicated that India has received foreign direct investment (FDI) inflow of $54.10 billion in April-November period of the current financial year (FY22). FDI equity inflows during April-November of FY22 was $39.26 billion. It was $43.85 billion during April-November 2020.
According to the data, sectors that attracted maximum inflows during the period include computer software and hardware ($9 billion), automobile ($5.84 billion), services ($4.95 billion), education ($2.8 billion), trading ($2.79 billion), construction (infrastructure) activities ($1.48 billion), metallurgical industries ($1.35 billion), and defence industries ($2.19 million).
Minister of State for Commerce and Industry Som Parkash has said that the government has put in place a liberal and transparent policy for FDI, wherein most of the sectors are open under the automatic route. To further liberalise and simplify FDI policy for providing the ease of doing business and attract investments, he said reforms have been undertaken recently across sectors such as coal mining, contract manufacturing, digital media, single-brand retail trading, civil aviation, defence, insurance and telecom.
Technically, the important key resistances are placed in Nifty future are at 17573 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 17606 – 17636 levels. Immediate support is placed at 17373 – 17303 levels.
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