Dear Trader…
Indian equity benchmarks remained near their neutral lines in today deals, amid negative cues from other Asian markets along with selling at Consumer Durables and TECK counters. Traders were cautious, amid a private report stating that foreign portfolio investors (FPIs) turned sellers in the last four trading sessions and pulled out Rs 3,300 crore as they are adopting a cautious stance ahead of the US Federal Reserve’s decision on the interest rate. Besides, the data provided by commerce and industry minister Piyush Goyal showed that the trade deficit, difference between import and exports, between India and China has touched $51.5 billion during April-October this fiscal.
However, losses were limited, after the Minister of State for Commerce and Industry, Som Parkash has said that the growth of manufacturing sector was adversely affected due to COVID-19 pandemic, which has shown positive growth in double digits in the Financial Year 2021-2022. The Minister said that the annual growth rate of Manufacturing Sector as per Index of Industrial production (IIP), with base year 2011-12, was 11.8% during 2021-22 as against a contraction of 9.6% in 2020-21.
Nifty futures opened at 18520.00 points against the previous close of 18583.65 and opened at a low of 18456.15 points. Nifty Future closed with an average movement of 182.50 points and a rise of around 21.85 points and 18605.50 points…!!
On the NSE, the midcap 100 index will rise 0.36% and smallcap 100 index is closing rise 0.55%. Speaking of various sectoral indices only IT and Pharma stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, February gold opened at Rs.54109, fell from a high of Rs.54280 points to a low of Rs.54101 with a decline of 23 points, a trend of around Rs.54272 and March Silver opened at Rs.67490, fell from a high of Rs.68334 points to a low of Rs.67482, with a rise of 10 points, a trend of around Rs.68048.
Meanwhile, the Finance Ministry has said that the direct tax collection net of refund stands at Rs 8.77 lakh crore in the April-November of the current fiscal (FY23), which is 24.26 per cent higher than the net collection for the corresponding period last year. This represents 61.79 per cent of the full-year Budget Estimates (BE) of direct tax collection for 2022-23 (April-March).
The Budget estimated direct tax collection at Rs 14.20 lakh crore this fiscal, higher than Rs 14.10 lakh crore collected last fiscal (2021-22). Tax on corporate and individual income makes up for direct taxes. Tax collection is an indicator of economic activity in any country.
The collection from the levy of tax on goods and services sold (GST) has flattened to around Rs 1.45-1.50 lakh crore per month. Refunds amounting to Rs 2.15 lakh crore were issued between April 1 and November 30, which is about 67 per cent higher than the last year.
Technically, the important key resistances are placed in Nifty future are at 18787 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 18838 – 18909 levels. Immediate support is placed at 18606 – 18474 levels.
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