Update on Nifty levels of the day 29th Dec 2017
Nifty 10477 /Sensex 33848/ Bank Nifty 25490
18 Advances / 32 Declines/ 0 Unchanged
Benchmarks end expiry session with marginal losses; Nifty slips below 10,500 mark
Indian equity markets truly depicted the choppiness of F&O expiry session and ended the session slightly in red on Thursday. However, both Sensex & Nifty were up by over 2% during the December F&O series. Key gauges traded lackluster throughout the session and volatility which emerged in dying hour of trade mainly dragged the bourses lower on lingering concerns over government borrowing exceeding target. Cautiousness persisted in the markets throughout the session with the government decision to make additional borrowing of Rs 50,000 crore this fiscal through dated securities, a move that may put burden on the fiscal deficit target of 3.2 percent of GDP. At the same time, the government lowered its borrowing through short-term treasury bills by Rs 61,203 crore. This has made the task of exactly calculating the fiscal deficit a bit tedious exercise. However, losses remained capped, as traders took some solace with report that the capital markets regulator, Securities and Exchange Board of India (SEBI) is likely to ease entry norms for FPIs willing to invest in the Indian markets. It may ease some rules, including expanding the eligible jurisdictions for registration by including countries with diplomatic tie-ups with India.Market participants also get some comfort with EEPC India new chairman, Ravi P Sehgal’s statement that the year 2018 is expected to be a good year for exports on back of global trade boom.
The chairman added that as the IMF has outlined, that the global trade has grown at a faster clip than the overall world output growth, as the US, Euro zone, Japan and China are witnessing a resurgence in economic activity. Investors also get some relief with credit rating agency, ICRA’s latest report stating that the retail credit growth for non-banking financial companies is likely to be moderate at 16-18 percent in the current fiscal, helped by some asset classes, such as SME credit.On the global front, European markets were trading in red in early deals amid a light holiday-week of trade seen across markets worldwide.
Asian markets ended mostly in green, as strong economic data from the region and in the US boosted confidence.Back home, banking stocks remained under pressure, as the global rating agency Standard & Poor's (S&P) on the basis of the economy and industry risk criteria has classified the Indian banking sector under 'Group 5' along with countries such as Italy, Spain, Ireland, the UAE and South Africa and has said that Banks’ asset quality is weak and has been deteriorating in the past four years.
Auto stocks too edged lower, as the Lok Sabha approved a bill to hike cess on luxury vehicles from 15 to 25 per cent with a view to enhance funds to compensate states for revenue loss following the rollout of GST.
FII’s Activity 28th-Dec-17
The FIIs as per Thursday’s data were net buyers in equity and debt segments both, according to data released by the NSDL.
In equity segment, the gross buying was of Rs 2951.59 crore against gross selling of Rs 2513.07 crore. Thus, FIIs stood as net buyers of Rs 438.52 crore in equities.
In the debt segment, the gross purchase was of Rs 675.94 crore with gross sales of Rs 630.95 crore. Thus, FIIs stood as net buyers of Rs 44.99 crore in debt.
In the hybrid segment, the gross buying was of Rs 0.79 crore against gross selling of Rs 1.43 crore. Thus, FIIs stood as net sellers of Rs 0.64 crore in hybrid segment.
Now what to expect ??
Nifty Levels
Below 10480 will see panic till 10350---10280 else it could test its resistance level of 10600 again.
Trade with levels only
More Will Update Soon!!
