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Indian equity benchmarks ended higher in a volatile session on Friday as gains in IT stocks and a stellar debut by food delivery startup Zomato more than offset losses in the telecom sector.

Dear Trader…

Indian equity benchmarks ended higher in a volatile session on Friday as gains in IT stocks and a stellar debut by food delivery startup Zomato more than offset losses in the telecom sector. Sentiments were upbeat as India has significantly improved its ranking in terms of trade facilitation due to various reforms undertaken by various departments especially customs under the Central Board of Indirect Taxes (CBIC). India has scored 90.32 per cent in United Nation’s Economic and Social Commission for Asia Pacific’s (UNESCAP) latest Global Survey on Digital and Sustainable Trade Facilitation.

However, upside remain capped as foreign institutional investors (FIIs) stood as net sellers in the capital market as they offloaded shares worth Rs 247.59 crore on Thursday, as per provisional exchange data. Meanwhile, the monsoon session of the Parliament, which began on a stormy note on Monday, is closely watched by the investors as center has listed 23 bills to be tabled in the Lok Sabha session.

Nifty futures opened at 15850.00 points against the previous close of 15816.90 and opened at a low of 15763.20 points. Nifty Future closed with an average movement of 134.40 points and a rise of around 28.10 points and 15845.00 points .. !!!

On the NSE, the midcap 100 index will rise 0.17% and smallcap 100 index is closing decline 0.46%. Speaking of various sectoral indices, only Auto and Media stocks were seen selling on the NSE, while all other sectoral indices closed higher.

At the start of intra-day trading, August gold opened at Rs.47575, fell from a high of Rs.47720 points to a low of Rs.47300, with a decline of 162 points, a trend of around Rs.47472 and September Silver opened at Rs.67487, fell from a high of Rs.67560 points to a low of Rs.66751, with a decline of 248 points, a trend of around Rs.67126..!!

Meanwhile, Former World Bank chief economist Kaushik Basu has said that India’s wholesale price-based inflation is at a 30-year high, leading to a very alarming situation for the country. He, however, doesn’t see any risk of hyperinflation, but cautioned that if retail inflation follows wholesale prices, it might lead to ‘inflationary crisis’.

Basu said ‘there is a big risk of inflation and actually one particular kind of inflation. If you look at wholesale price inflation in India. Right now it is at a 30-year high’. Basu also said generally wholesale price inflation seeps into retail price inflation, so that this is a very alarming situation for India because prices are rising quite rapidly.

Technically, the important key resistances are placed in Nifty future are at 15888 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 15909 – 15919 levels. Immediate support is placed at 15808 – 15737 levels.

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