Weak trade continued over the Dalal Street in today deals, with both Sensex and Nifty close in red, on the back of mixed cues from other Asian markets. Traders remained cautious, amid reports that a slowing global economy with many countries headed to a recession, debt crisis, millions slipping back into poverty due to Covid-19, climate crises, breakdown of supply chains due to the war in Europe, and the geopolitical upheavals caused by Russia’s invasion of Ukraine — these are the major challenges that G20 nations will look to find consensus on under India’s leadership. Besides, another private report stated that About 58 per cent healthcare industry professionals globally believe that digital transformation initiatives would be slowed down due to inflation and rising costs.
Nifty futures opened at 18345.00 points against the previous close of 18264.15 and opened at a low of 18183.30 points. Nifty Future closed with an average movement of 191.95 points and a decline of around 74.05 points and 18190.10 points…!!
On the NSE, the midcap 100 index will decline 0.74% and smallcap 100 index is closing decline 0.56%. Speaking of various sectoral indices, the NSE saw gains in only PSU Bank, FMCG and Bank stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, October gold opened at Rs.51450, fell from a high of Rs.51571 points to a low of Rs.51346 with a decline of 177 points, a trend of around Rs.51453 and December Silver opened at Rs.61766, fell from a high of Rs.62200 points to a low of Rs.61431, with a decline of 282 points, a trend of around Rs.61677.
Meanwhile, urging Indian industry to support each other to create synergies and promote growth in a spirit of nationalism, Union Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles, Piyush Goyal has exhorted the export promotion bodies to give an active push to exports and maintain the momentum of healthy growth recorded in the previous year.
The Minister further asked the various sectoral leaders to utilize the disruptions in the global trade in their favor by occupying the space yielded by some countries. He told industry to strive to retain export markets even if they are to make temporary changes in their pricing structure to accommodate short term challenges. Besides, Goyal encouraged exporters to explore unique products with good export potential such as castor and instructed officials of the Ministry to act proactively to promote these products.
The Commerce Minister also asked officials to analyze export data on the basis of sectors, commodities and markets to find out areas of opportunity for Indian exports. The Minister called for open channels of communication between export promotion bodies and industry bodies with the government so that issues being faced may be flagged and resolved at the earliest.
Technically, the important key resistances are placed in Nifty future are at 18272 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 18303 – 18373 levels. Immediate support is placed at 18008 – 17970 levels.