Home Business Indian equity benchmarks closed at a near-two-week low on Monday, logging their...

Indian equity benchmarks closed at a near-two-week low on Monday, logging their third straight day of losses, dragged down by a rise in COVID-19 cases in China and the likelihood of a tighter U.S. monetary policy.

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Dear Trader…

Weak trade continued over the Dalal Street in today deals, as both Sensex and Nifty remained under a grip of bears, on the back of negative cues from other Asian markets. Domestic sentiments remained downbeat as the gross fiscal deficit of the Indian states rose nearly 79 per cent after the lockdown. According to the latest data from the Reserve Bank of India (RBI), the fiscal deficit rose from Rs 5.2 trillion in FY20 to Rs 9.3 trillion in 2020-21 (FY21). Traders failed to get any sense of relief with report that foreign investors have been aggressively buying Indian equities in November, investing Rs 30,385 crore this month so far, on stabilisation in rupee and resilience of the domestic economy compared to global counterparts.

Nifty futures opened at 18306.10 points against the previous close of 18355.90 and opened at a low of 18155.30 points. Nifty Future closed with an average movement of 150.80 points and a decline of around 161.90 points and 18194.00 points…!!

On the NSE, the midcap 100 index will decline 0.05% and smallcap 100 index is closing rise 0.24%. Speaking of various sectoral indices only Speaking of various sectoral indices, the NSE saw gains in only PSU Bank and Media stocks, while all other sectoral indices closed lower.

At the start of intra-day trading, December gold opened at Rs.52508, fell from a high of Rs.52590 points to a low of Rs.52308 with a decline of 213 points, a trend of around Rs.52375 and December Silver opened at Rs.60580, fell from a high of Rs.60735 points to a low of Rs.60164, with a decline of 590 points, a trend of around Rs.60285.

Meanwhile, Labour ministry has said that retail inflation for farm and rural workers eased marginally to 7.22 per cent and 7.34 per cent, respectively, in October compared to September 2022, mainly due to lower prices of certain food items. Point to point rate of inflation based on the CPI-AL (consumer price index-agricultural labour) and CPI-RL (rural labour) stood at 7.22 per cent & 7.34 per cent in October 2022 compared to 7.69 per cent & 7.90 per cent respectively in September 2022 and 2.76 per cent and 3.12 per cent respectively during the corresponding month of the previous year.

Food inflation stood at 7.05 per cent and 7 per cent in October 2022 compared to 7.47 per cent & 7.52 per cent respectively in September 2022 and 0.39 per cent & 0.59 per cent respectively during the corresponding month of the previous year. The All-India Consumer Price Index Number for Agricultural Labourers and Rural Labourers for the month of October 2022 increased by 10 points and 9 points to stand at 1159 points and 1170 points respectively. The CPI-AL was at 1,149 points in September 2022, while CPI-RL was at 1,161 points.

The major contribution towards the rise in general index of Agricultural Labourers and Rural Labourers came from food group to the extent of 9.15 & 8.35 points respectively mainly due to increase in prices of rice, wheat-atta, jowar, ragi, pulses, milk, ghee, fish fresh/dry, poultry, onion, chillies dry, mixed spices, vegetables & fruits, gur, etc. The rise in index varied from state to state. In case of Agricultural Labourers, it recorded an increase of 1 to 16 points in 20 states. Tamil Nadu with 1337 points topped the index table whereas Himachal Pradesh with 913 points stood at the bottom.

Technically, the important key resistances are placed in Nifty future are at 18232 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 18303 – 18373 levels. Immediate support is placed at 18088 – 18008 levels.

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Nikhil Bhatt is a SEBI registered individual Research Analyst under the SEBI (Research Analysts) Regulations, 2014 is an entrepreneur, global thought leader with a sound understanding trend of BSE, NSE, financial industry segments and investment trends. According to Nikhil Bhatt, “Our mission is to spread financial awareness and improve financial literacy in a concise, simple and easy-to-understand manner. Backed by scientific research, ethical principles and reliable data, our publications benefit and guide the Indian financial / non financial community like merchants, managers, investors, traders and readers. We seek to make investment decisions more objective and mature”.

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