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Indian equity benchmarks recovered from session lows to end Thursday higher, helped by energy and IT stocks, with a 6% rally in Reliance Industries leading the way.

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Dear Trader…

Indian equity benchmarks ended higher with gains of over half percent on Thursday, on the back of consistent buying support in index heavyweights — Reliance Industries, ITC and Infosys. Market opened on a weak note amid mixed global cues. Some concern also came with report indicating that foreign institutional investors (FIIs) have been on a selling spree in India this financial year, with November seeing an outflow of over Rs 17,900 crore in the equity cash market, taking the net outflow in the segment since April to almost Rs 87,000 crore.

During the afternoon session, market recovered and gained momentum to enter into green terrain, as traders turned optimistic with a private report stating that Official data print on the GDP will show a 7.8 per cent expansion on a year-on-year basis for the September 2021 quarter.

Key gauges extended their gains to trade near day’s high points in late afternoon session, as sentiments were upbeat as Moody’s expects India’s economic growth to rebound strongly, pegging GDP growth of 9.3% and 7.9% in fiscal year 2022 (ending on 31 March 2022) and fiscal 2023, respectively.

Nifty futures opened at 17440.05 points against the previous close of 17447.45 and opened at a low of 17381.70 points. Nifty Future closed with an average movement of 237.30 points and a rise of around 154.55 points and 17602.00 points…!!

On the NSE, the midcap 100 index will rise 0.60% and smallcap 100 index is closing rise 0.77%. Speaking of various sectoral indices only Auto, PSU Bank, Financial Services and Bank stocks were seen selling on the NSE, while all other sectoral indices closed higher.

At the start of intra-day trading, December gold opened at Rs.47545, fell from a high of Rs.47592 points to a low of Rs.47310.00 with a rise of 89 points, a trend of around Rs.47527 and December Silver opened at Rs.62911, fell from a high of Rs.63210 points to a low of Rs.62803, with a rise of 558 points, a trend of around Rs.63193.

Meanwhile, in order to mitigate the financial deepening challenges being faced in the country, Niti Aayog has proposed setting up of full-stack ‘digital banks’ or DBs, which would principally rely on the Internet and other proximate channels to offer their services and not physical branches.

The Niti Aayog, in a discussion paper titled ‘Digital Banks: A Proposal for Licensing & Regulatory Regime for India’, makes a case and offers a template and roadmap for a digital bank licensing and regulatory regime for the country. It said digital banks are banks as defined in the Banking Regulation Act, 1949 (BR Act).

Besides, it mentioned ‘In other words, these entities will issue deposits, make loans and offer the full suite of services that the Banking Regulation Act empowers them to. As the name suggests, however, DBs will principally rely on the Internet and other proximate channels to offer their services.’

Technically, the important key resistances are placed in Nifty future are at 17676 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 17707 – 17737 levels. Immediate support is placed at 17474 – 17303 levels.

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