Dear Trader…
Firm trade continued over the Dalal Street in today deals, with both Sensex and Nifty holding notable gains, despite negative cues from other Asian markets. Heavy buying at Auto and FMCG counters helped key indices to hold gaining momentum. Sentiments remained optimistic as Union Finance Minister Nirmala Sitharaman said that the Centre is committed to improve trade facilitation for every stakeholder, including Customs Department personnel and those involved in the trading communities.
Adding more optimism among traders, the Goods and Service Tax (GST) Council in its 48th meeting has decided to reduce GST on husk of pulses including chilka and concentrates including chuni/churi, khanda from 5% to nil. GST on ethyl alcohol supplied to refineries for blending with motor spirit (petrol) was also cut down to 5% from 18%. Besides, the GST Council unveiled measures for facilitation of trade and measures for streamlining compliances in GST.
Nifty futures opened at 18340.00 points against the previous close of 18328.65 and opened at a low of 18308.60 points. Nifty Future closed with an average movement of 210.40 points and a rise of around 170.65 points and 18499.30 points…!!
On the NSE, the midcap 100 index will rise 0.55% and smallcap 100 index is closing rise 0.46%. Speaking of various sectoral indices only IT and PSU Bank 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.54354, fell from a high of Rs.54490 points to a low of Rs.54301 with a rise of 104 points, a trend of around Rs.54404 and March Silver opened at Rs.67849, fell from a high of Rs.68267 points to a low of Rs.67577, with a rise of 304 points, a trend of around Rs.67954.
Meanwhile, Apparel Export Promotion Council (AEPC) Chairman Naren Goenka has said that apparel exports rose by 11.7 per cent to about 1.2 billion in November 2022 after declining for the last few months amid global challenges. He said that exports of ready-made garments (RMG) from India witnessed a rough patch in the past few months since most of the traditional markets such as the UK, the EU and the US have been witnessing recession and global headwinds, leading to falling demand in these countries.
Goenka said inflation and rising costs of raw material and freight, aggravated by the Russia-Ukraine war, added to the burden of exporters. However, after a few months of slip, RMG exports have again turned positive signalling the resilience of the industry to adjust to the prevailing challenges. He also said that ‘the target for apparel exports for 2022-23 is $17.6 billion against which we have been able to achieve more than $10 billion during April – November 2022.’
AEPC has flagged certain issues with the government, the resolution of which will help in increasing exports. It said the major issues include early announcement of the production-linked incentive scheme for apparel, extension of ATUFS (Amended Technology Upgradation Fund Scheme), RoSCTL (Rebate of State and Central Levies and Taxes) disbursements through bank transfer, and one time relaxation on account of bankruptcy / insolvency / discounting / cancellation of export orders.
Technically, the important key resistances are placed in Nifty future are at 18570 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 18606 – 18676 levels. Immediate support is placed at 18434 – 18303 levels.
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