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Dear Trader…
Indian equity benchmarks have enlarged losses in today session on account of selling in front line counters. Sentiments were fragile as India’s merchandise trade deficit in August widened to $27.98 billion from $11.71 billion a year earlier. India’s merchandise exports rose to $33.92 billion from $33.38 billion in the same month last year, while imports rose to $61.90 billion in August from $45.09 billion last year. Foreign fund outflows also dampened market sentiments.
Foreign Institutional Investors (FIIs) were net sellers in the capital markets, as they offloaded shares worth Rs 1,397.51 crore on Wednesday, exchange data showed. Losses in IT, realty and TECK shares pulled the headline indices lower, though gains in power, utilities and auto shares lent some support.
Nifty futures opened at 18045.00 points against the previous close of 18020.40 and opened at a low of 17866.50 points. Nifty Future closed with an average movement of 232.50 points and a decline of around 130.90 points and 17889.50 points…!!
On the NSE, the midcap 100 index will rise 0.38% and smallcap 100 index is closing decline 0.02%. Speaking of various sectoral indices, the NSE saw gains in Auto, Metal and PSU Bank stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, October gold opened at Rs.49942, fell from a high of Rs.49942 points to a low of Rs.49673 with a decline of 262 points, a trend of around Rs.49756 and December Silver opened at Rs.56890, fell from a high of Rs.56950 points to a low of Rs.56540, with a decline of 189 points, a trend of around Rs.56797.
Meanwhile, commerce ministry in its latest data has showed that India’s merchandise exports rose marginally by 1.62 per cent to $33.92 billion in August 2022 as compared to $33.38 Billion in August 2021. Merchandise imports in August 2022 were $61.90 Billion, which is an increase of 37.28 per cent over imports of $45.09 Billion in August 2021. Merchandise trade deficit more than doubled to $27.98 billion in August as against $11.71 Billion in August 2021 due to increased crude oil imports.
As per the data, merchandise exports for the period April-August 2022 were $193.51 Billion as against $164.44 Billion during the period April-August 2021, registering a positive growth of 17.68 per cent. Merchandise imports for the period April-August 2022 were $318.03 Billion as against $218.22 Billion during the period April-August 2021, registering a positive growth of 45.74 per cent. The merchandise trade deficit for April-August 2022 was estimated at $124.52 Billion as against $53.78 Billion in April-August 2021, which is an increase of 131.52 per cent.
Data further showed that non-petroleum and non-gems & jewellery exports in August 2022 were $24.88 Billion, registering a negative growth of (-) 1.64 per cent over non-petroleum and non-gems & jewellery exports of $25.29 Billion in August 2021. Non-petroleum, non-gems & jewellery (gold, silver & precious metals) imports were $37.53 Billion in August 2022 with a positive growth of 40.63 per cent over Non-petroleum, non-gems & jewellery imports of $26.69 Billion in August 2021.
Technically, the important key resistances are placed in Nifty future are at 17960 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 18008 – 18088 levels. Immediate support is placed at 17808 – 17737 levels.
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