Nifty 9857 /Sensex 31596/ Bank Nifty 24274
27 Advances / 27 Declines/ 0 Unchanged
Benchmarks end choppy day with marginal gains; Nifty holds 9,850 mark
It turned out to be a choppy day of trade for Indian equity benchmarks and key gauges eked out slender gains on Thursday, with Nifty holding their crucial 9,850 level and Sensex ending just shy of 31,600 mark. Markets traded with volatility through the session as traders kept a close eye on a central banking conference in Jackson Hole, Wyoming, which begins on Thursday, where Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi are both due to speak. Domestic bourses traded mostly in green with traders taking support with a private research enlightening that the implementation of the new Insolvency and Bankruptcy Code is expected to give a big push to credit growth as international experience shows that laws to resolves bad assets have helped boost credit growth. Some support also came with report that India’s agricultural sector has potential to double the income of farmers and grow exports to $100 billion by 2022. According to Crop Care Federation of India (CCFI) president Rajju Shroff, now the country ranks second-largest food producer in the world, touching $367 billion in 2014.
However, gains remained capped after the Reserve Bank of India’s (RBI) data showed that India Inc’s overseas direct investment fell over 47 percent to $1.77 billion during July 2017. Indian companies had invested $3.35 billion in the same month of last year. Of the total investments in foreign ventures by Indian companies overseas, $900.66 million was in the form of issuance of guarantee, $513.81 million as loan and $353.55 million was part of equity investment.
On the global front, European markets were trading in green in early deals, as the previous session’s upbeat euro zone data continued to support. Euro zone consumer confidence rose slightly in August. Asian markets exhibited mixed trend ahead of a meeting of central bankers in the US state of Wyoming that could provide fresh cues on interest rates and unwinding stimulus plans.
Back home, buying in public sector bank lending some support to the markets after the Cabinet on Wednesday approved a framework to speed up mergers of public sector banks, the first of which could take place by March. The mergers will not involve any cash but only share swaps. The government also said there would be no job losses after any of the mergers. Shares of liquor companies rallied in early trade with report suggesting that the Supreme Court on Wednesday clarified that the liquor ban on highways does not extend to municipal areas. Media stocks remained buzzing, as the Finance Ministry has said that the rate of Goods and Services Tax (GST) applicable on selling of advertisement space in print media would depend on the terms of the contract between the newspaper, advertisement agency and the client.
FII’s Activity 24-Aug-17
The FIIs as per Thursday’s data were net sellers in equity segment, while they were net buyers in debt segment, according to data released by the NSDL.
In equity segment, the gross buying was of Rs 4099.92 crore against gross selling of Rs 5015.04 crore. Thus, FIIs stood as net sellers of Rs 915.12 crore in equities.
In the debt segment, the gross purchase was of Rs 989.10 crore with gross sales of Rs 799.63 crore. Thus, FIIs stood as net buyers of Rs 189.47 crore in debt.
Now what to expect??
Nifty Levels
Nifty future... Support at 9850 and resistance at 9920. Above 9920 will see more upside rally till 9950---9980 and then to 10050 mark else it could test it's support again.
Close below 9850 will take to 9820---9780 and then to 9700 mark
Trade with levels only
More Will Update Soon!!
