Indian equity benchmarks remained under a grip of bulls in early afternoon deals, with both Sensex and Nifty continuing their gaining rally, amid positive cues from other Asian markets along with heavy buying in FMCG and Consumer Durables stocks. Sentiments remained optimistic as the data from National Securities Depository showed that foreign portfolio investors have infused funds worth Rs 32,344 crore in Indian stock markets so far in the month of November and became net buyers again. In September and October, they were net sellers amid the strong US dollar index, weak rupee, and tightening of monetary policy. Adding more comfort among traders, the Reserve Bank of India (RBI) in its latest report ‘Data on ECB/FCCB’ has showed that Indian companies raised $1.43 billion ($1,42,99,20,622) through external commercial borrowings (ECBs) in for the month of October 2022.
On the global front, Asian markets were trading mostly in green as the value of retail sales in Japan was up 4.3 percent on year in October, coming in at 13.082 trillion yen. On a seasonally adjusted monthly basis, retail sales rose 0.2 percent – slowing from 1.5 percent in the previous month. The report also showed that commercial sales jumped 0.3 percent on month and 5.9 percent on year to 49.698 trillion yen, while wholesale sales gained 0.3 percent on month and 6.4 percent on year to 36.616 trillion yen.
Nifty futures opened at 18692.00 points against the previous close of 18694.10 and opened at a low of 18670.15 points. Nifty Future closed with an average movement of 127.50 points and a rise of around 36.90 points and 18731.00 points…!!
On the NSE, the midcap 100 index will decline 0.45% and smallcap 100 index is closing decline 0.55%. Speaking of various sectoral indices Realty, Auto And PSU 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.52247, fell from a high of Rs.52595 points to a low of Rs.52247 with a rise of 307 points, a trend of around Rs.52480 and December Silver opened at Rs.61200, fell from a high of Rs.61582 points to a low of Rs.61165, with a rise of 487 points, a trend of around Rs.61378.
Meanwhile, Reserve Bank of India (RBI) in its latest data has showed that bank credit growth improved further to 17.2 per cent in the July-September 2022 quarter from 7 per cent in the year-ago period, reflecting pick-up in economic activities. It noted that credit growth remained broad-based with all population groups and bank groups recorded double digit annual growth.
According to the data, aggregate deposits growth (y-o-y), which remained in the close range of 9.5-10.2 per cent since June 2021, stood at 9.8 per cent in September 2022. Since December 2020, bank branches in metropolitan centres have been recording higher annual growth than those in rural, semi-urban and urban areas. Private sector bank group has been outpacing public sector banks, foreign banks and regional rural banks in deposit mobilisation. It also said year-on-year growth in term deposits rose to 10.2 per cent in September 2022 from 6.4 per cent a year ago. Current and savings deposits growth moderated to 8.8 per cent and 9.4 per cent from 17.5 per cent and 14.5 per cent, respectively, a year ago.
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 – 18880 levels. Immediate support is placed at 18606 – 18474 levels.