Dear Trader…
Indian equity benchmarks were holding gains in today session, with both Sensex and Nifty closed around 0.25% higher, aided by positive cues from other Asian markets and heavy buying at Realty and Metal counters. Traders remained optimistic as India’s inflation based on wholesale price index (WPI) eased further to 5.85% in the month of November 2022 as against 8.39% recorded in October 2022, primarily contributed by fall in prices of food articles, basic metals, textiles, chemicals & chemical products and paper & paper products as compared to the corresponding month of the previous year.
The wholesale inflation was 10.70% in September 2022. The street took a note of report that India is likely to see over 100 mature, large-scale profitable or on the path to profitability startups in the next five years, of which 80 have the potential to go for public listing.
Nifty futures opened at 18775.55 points against the previous close of 18703.85 and opened at a low of 18720.05 points. Nifty Future closed with an average movement of 87.50 points and a rise of around 34.55 points and 18738.50 points…!!
On the NSE, the midcap 100 index will rise 0.60% and smallcap 100 index is closing rise 0.71%. Speaking of various sectoral indices only FMCG 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.54770, fell from a high of Rs.54890 points to a low of Rs.54580 with a decline of 81 points, a trend of around Rs.54662 and March Silver opened at Rs.68866, fell from a high of Rs.69217 points to a low of Rs.68725, with a rise of 25 points, a trend of around Rs.68800.
Meanwhile, Minister of State (MoS) for Finance Pankaj Chaudhary has said that sovereign Green Bonds are likely to be issued during the January-March period of the current fiscal (Q4FY23). He said the objective of Sovereign Green Bonds is to mobilize resources for green infrastructure as part of the government’s overall market borrowings in 2022-23.
Chaudhary said the framework for these bonds has been brought out. The bonds are likely to be issued from January to March 2023. The proceeds will be deployed in public sector projects which help in reducing carbon intensity of the economy. As global spillovers from geo-political tensions and aggressive monetary policy tightening across the world intensified alongside a surge in crude oil prices, the US dollar strengthened by 7.8 per cent in the financial year (till November 30).
While the rupee has witnessed a depreciation of 6.9 per cent in the current financial year till November 30, 2022, the minister said, it has performed better than most Asian peer currencies, including the Chinese Renminbi (10.6 per cent), Indonesian Rupiah (8.7 per cent), Philippine Peso (8.5 per cent), South Korean Won (8.1 per cent), Taiwanese Dollar (7.3 per cent) etc during the financial year. The Reserve Bank of India (RBI) closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band.
Technically, the important key resistances are placed in Nifty future are at 18808 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 18707 – 18676 levels.
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