Dear Trader…
In an extreme volatile trading session, Indian equity benchmarks ended lower for the fourth consecutive session on Monday. Except bank, all other sectoral indices ended in red with Oil & Gas, Metal, Utilities and Basic Materials down the most. Key gauges made weak start, as traders got anxious with labour ministry’s report stated that retail inflation for farm workers and rural labourers rose to 5.49 per cent and 5.74 per cent, respectively in January mainly due to higher prices of certain food items. Some concern also came with the Reserve Bank of India (RBI) data showed India's foreign exchange (forex) reserves declined by $1.763 billion to $630.19 billion in the week ended February 11 due to a sharp drop in the value of foreign currency assets.
However, in the afternoon deals, key indices trimmed losses and were trading in green, as traders found some support as India Ratings has revised the outlook on state finances to ‘improving’ in FY23 from ‘neutral’ and it expects the aggregate fiscal deficit of the states to come in at 3.6 per cent of their gross domestic product from 3.5 per cent in FY22 on the back of robust revenue growth.
Nifty futures opened at 17206.20 points against the previous close of 17278.05 and opened at a low of 17081.00 points. Nifty Future closed with an average movement of 273.00 points and a decline of around 69.55 points and 17208.50 points...!!
On the NSE, the midcap 100 index will decline 1.24% and smallcap 100 index is closing decline 2.73%. Speaking of various sectoral indices, the NSE saw gains in only PVT Bank, Bank and Financial Services stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, February gold opened at Rs.50071, fell from a high of Rs.50127 points to a low of Rs.49764 with a decline of 39 points, a trend of around Rs.50073 and March Silver opened at Rs.63700, fell from a high of Rs.63700 points to a low of Rs.63271, with a decline of 357 points, a trend of around Rs.63545.
Meanwhile, Services Export Promotion Council (SEPC) Chairman Sunil H Talati has said that the country's services export is expected to reach $325 billion in 2022-23 on account of increasing demand for all kinds of services and gradual resumption of regular international travels. He said services exports would reach about $250 billion by the end of the ongoing fiscal year (FY22).
Talati has stated that the estimated value of services export for April-January 2021-22 is $209.83 billion, exhibiting a growth of 25.31 per cent as compared to the year-ago period's $167.45 billion. He said support measures for the sector in the new foreign trade policy would help further boost the outbound shipments. It had earlier proposed an alternative scheme to SEIS (Services Export from India Scheme) -- DRESS (Duty Remission on Export of Services Scheme) to boost exports.
SEPC Chairman further said despite the pandemic, the services sector has managed to retain 90-91 per cent of its last year's performance in terms of overall exports and added that services exports have been growing at a compound annual growth rate (CAGR) of 8-9 per cent for the last 20 years and the sector is eighth largest in the world and second in Asia Pacific region.
Technically, the important key resistances are placed in Nifty future are at 17272 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 17303 – 17330 levels. Immediate support is placed at 17077 – 17007 levels.
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