Dear Trader…
Dalal Street started the first day of the new financial year (FY23) on a strong note, as both Sensex and Nifty ended Friday’s trading session with gains of over a percent. The markets opened flat with a negative bias on weak global cues but recovered to trade in the positive area throughout the session. Sentiments got a boost with data showing that the output in eight key core sectors rose to a four-month high in February propped up by the low base effect and strong performance in steel, cement, coal, natural gas, refinery products and electricity segments.
Key gauges have enlarged their gains in late afternoon session, taking support from report that the Maharashtra government decided to lift all curbs and restrictions imposed in the state in the wake of Covid 19 from April 2. Traders also got some relief with a labour ministry’s statement that retail inflation for industrial workers eased to 5.04 per cent in February from 5.84 per cent in January this year mainly due to lower prices of certain food items. Meanwhile, the data released by the Controller General of Accounts (CGA) has indicated that the Centre's fiscal deficit at the end of February stood at 82.7 per cent of the full year budget target, mainly on account of higher expenditure. In the last financial year, the fiscal deficit or gap between the expenditure and revenue was 76 per cent of the Revised Estimate (RE) of 2020-21.
Nifty futures opened at 17453.00 points against the previous close of 17544.45 and opened at a low of 17423.00 points. Nifty Future closed with an average movement of 317.00 points and a rise of around 193.50 points and 17737.95 points...!!
On the NSE, the midcap 100 index will rise 1.49% and smallcap 100 index is closing rise 1.68%. 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, April gold opened at Rs.51480, fell from a high of Rs.51551 points to a low of Rs.51300 with a decline of 180 points, a trend of around Rs.51405 and March Silver opened at Rs.67374, fell from a high of Rs.67456 points to a low of Rs.66683, with a decline of 724 points, a trend of around Rs.66763.
Meanwhile, With rising internet penetration and increasing income, Finance Minister Nirmala Sitharaman said India's digital economy is likely to witness exponential growth to $800 billion by 2030. She said India has over 6,300 fintechs, of which 28 per cent are into investment technology, 27 per cent into payments, 16 per cent into lending and 9 per cent into banking infrastructure, while over 20 per cent are into other fields. She noted that so they are spread across different activities and not concentrated.
She said ‘at the same time, the digital economy in India is being pegged at $85-90 billion in the calendar year 2020 and that will see an exponential rise to $800 billion by 2030. They should be reaching $800 billion in the back drop of increased internet penetration, rising incomes and also the young Indian population’. The government has made it easier in terms of smooth and easy access to the stock markets, with technology such as e-KYC and e-Aadhaar helping the retail investors come into the market.
Technically, the important key resistances are placed in Nifty future are at 17790 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 17838 – 17909 levels. Immediate support is placed at 17676 – 17606 levels.
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