Dear Trader…
Indian equity markets Firm trade persisted over the Dalal Street in early afternoon session, with both Sensex and Nifty maintaining their gains, tracking positive other Asian markets. Domestic sentiments remained upbeat as investment in the Indian capital markets through participatory notes rose to Rs 97,784 crore at the end of October, the highest in a year. This was also the third consecutive monthly increase in investments through such a route. Adding more relief among traders, World Bank said that retaining its spot as the world’s top recipient of remittances, migrant workers from India are set to send home a record USD 100 billion in 2022, despite global headwinds like rising prices. In its latest Migration and Development Brief, World Bank said remittance flows to India will rise 12 per cent, putting its inflows ahead of China, Mexico and the Philippines.
Asian markets were trading mostly in green, even after the manufacturing sector in Taiwan continued to contract in November, albeit at a slightly slower pace, with a manufacturing PMI score of 41.6. That’s up from 41.5 in October, although it remains well beneath the boom-or-bust line of 50 that separates expansion from contraction. Average input costs meanwhile fell again in November amid reports of lower raw material prices. Prices charged by manufacturers rose for the first time in four months, albeit fractionally.
Nifty futures opened at 18957.70 points against the previous close of 18874.50 and opened at a low of 18890.00 points. Nifty Future closed with an average movement of 108.85 points and a rise of around 70.50 points and 18945.00 points…!!
On the NSE, the midcap 100 index will rise 0.77% and smallcap 100 index is closing rise 0.43%. Speaking of various sectoral indices FMCG, Auto, Pharma And PVT 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.52838, fell from a high of Rs.52965 points to a low of Rs.52819 with a rise of 485 points, a trend of around Rs.52965 and December Silver opened at Rs.63281, fell from a high of Rs.63545 points to a low of Rs.63000, with a rise of 1060 points, a trend of around Rs.63300.
Meanwhile, the Controller General of Accounts (CGA) in its latest data has indicated that the government’s fiscal deficit in end-October touched 45.6 per cent of the full year Budget Estimate. In actual terms, the fiscal deficit — the difference between expenditure and revenue — was Rs 7,58,137 crore during the April-October period of 2022-23.
As per the CGA data, in the corresponding period last year, the deficit was 36.3 per cent of the Budget Estimates of 2021-22. For 2022-23, the fiscal deficit of the government is estimated to be Rs 16.61 lakh crore or 6.4 per cent of the GDP. The net tax revenue at Rs 11.71 lakh crore was 60.5 per cent of BE 2022-23. During the corresponding period of 2021-22, the tax revenue (net) was 68.1 per cent of that year’s BE.
Technically, the important key resistances are placed in Nifty future are at 18979 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 19009 – 19019 levels. Immediate support is placed at 18808 – 18676 levels.
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