Dear Trader…
Indian equity benchmarks snapped a two-day winning run and ended over half percent lower on Tuesday amid cautious gains across most global markets. Investor focus returned to the Russia-Ukraine war and rising oil prices. Markets made a cautious start and soon slipped into red as traders got anxious with the Ministry of Commerce and Industry in its latest data has stated that India's trade deficit rose 87.5 per cent to $192.41 billion in 2021-22 as against $102.63 billion in the previous year.
However, markets erased all the losses and were trading marginally higher in afternoon deals, as traders took some support with Finance Minister Nirmala Sitaraman’s statement that Foreign Direct Investment (FDI) staying in the country and creating jobs and prospects, and not the outflow of Foreign Institute Investors (FIIs) and Foreign Portfolio Investors (FPIs), should be assessed to measure robustness of the Indian economy.
Nifty futures opened at 18161.10 points against the previous close of 18098.20 and opened at a low of 17990.10 points. Nifty Future closed with an average movement of 183.70 points and a decline of around 101.85 points and 17996.35 points...!!
On the NSE, the midcap 100 index will rise 1.38% and smallcap 100 index is closing rise 0.85%. Speaking of various sectoral indices only Financial Services, PVT Bank, Bank, Media and Realty 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.51509, fell from a high of Rs.51640 points to a low of Rs.51338 with a decline of 66 points, a trend of around Rs.51467 and March Silver opened at Rs.66257, fell from a high of Rs.66802 points to a low of Rs.66171, with a rise of 369 points, a trend of around Rs.66664.
Meanwhile, the Ministry of Commerce and Industry in its latest data has stated that India's trade deficit rose 87.5 per cent to $192.41 billion in 2021-22 as against $102.63 billion in the previous year. The trade deficit in March 2022 was $18.69 billion. It showed that while total exports during last fiscal year increased to a record high of $417.81 billion, imports too soared to $610.22 billion, leaving a trade gap of $192.41 billion.
For the first time, India's monthly merchandise exports exceeded $40 billion, reaching $40.38 billion in March 2022, an increase of 14.53 per cent over $35.26 billion in the year-ago month. It was up by 87.89 per cent over $21.49 billion in March 2020. It said the country's merchandise import last month stood at $59.07 billion, an increase of 20.79 per cent over $48.90 billion in the year-ago period. It was up 87.68 per cent over $31.47 billion in March 2020.
Besides, it mentioned that during March 2022, the value of non-petroleum exports stood at $33 billion, registering a growth of 4.28 per cent over $31.65 billion in the same month a year ago. Non-petroleum exports grew by 74 per cent from $18.97 billion in March 2020. Non-petroleum import stood at $40.66 billion during March 2022, showing a rise of 5.26 per cent over $38.63 billion in the year-ago month. It was up by 89.79 per cent from $21.42 billion in March 2020.
Technically, the important key resistances are placed in Nifty future are at 18033 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 18088 – 18108 levels. Immediate support is placed at 17808 – 17676 levels.
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