Indian equity benchmarks ended flat amid the volatile session on Wednesday, a day ahead of the monthly F&O expiry session. Some buying interest is seen in selected Oil & Gas, Power and Energy stocks while some pressure is seen in Consumer Durables, Telecom and Realty stocks.
Market opened positively and stayed in green for most part of the day, with positive comments by the World Health Organisation (WHO) chief scientist on the Covid-19 situation in India. He said coronavirus in India may be entering some kind of stage of endemicity where there is low or moderate level of transmission going on.
However, markets erased gains and closed on a flattish note, as traders turned wary with the Asian Development Bank (ADB) stating that the coronavirus pandemic may have pushed as many as 80 million people in developing Asia into extreme poverty last year, threatening to derail progress on global goals to tackle poverty and hunger by 2030.
Nifty futures opened at 16652.00 points against the previous close of 16620.25 and opened at a low of 16615.05 points. Nifty Future closed with an average movement of 98.70 points and a rise of around 14.75 points and 16635.00 points…!!!
On the NSE, the midcap 100 index will rise 1.43% and smallcap 100 index is closing rise 2.00. Speaking of various sectoral indices, the NSE saw gains in IT, FMCG and Metal, while all other sectoral indices closed lower.
At the start of intra-day trading, October gold opened at Rs.47435, fell from a high of Rs.47482 points to a low of Rs.47287.00 with a decline of 191 points, a trend of around Rs.47421 and September Silver opened at Rs.63001, fell from a high of Rs.63400 points to a low of Rs.62920, with a decline of 117 points, a trend of around Rs.63357.
Meanwhile, Chief financial advisor (CEA) Krishnamurthy V Subramanian has said that India is well-poised to climate the ripple impact of taper tantrum if the US Federal Reserve begins to cut back its $120-billion-a-month quantitative easing later this year. He stated in contrast to within the aftermath of the 2008-09 international monetary disaster, the Indian economic system is on a lot stronger footing to soak up any exterior shock, due to the adoption of a even handed mixture of each demand and supply-side measures following the Covid-19 outbreak.
These steps will assist maintain inflation under 6% within the coming months, rein in present account deficit (CAD) and forestall any spike in fiscal deficit (from the budgetted stage of 6.8% of GDP in FY22). He exuded confidence that the federal government’s elevated market borrowing plan for a second straight year will go on easily.