The index of eight core industries grew by 4.6% in January, compared to a growth of 4% in December, according to data released by the Office of the Economic Advisor on Friday. This marked the fifth consecutive month of growth, after contractions in August. Cement and petroleum refinery products played a pivotal role in the increase. Six of eight core sectors saw expansions in January.
India’s Eight Core sectors grew by 4.6% in January- Daily Market Update 3rd March 2025
Overview and Outlook
Global Stock Market Today
- US equity markets settled higher in range 1.35% to 1.67%.
- European equity markets ended on a flat to positive note.
- Asian equity markets are trading in green.
- GIFT Nifty is up by 100 points, Nifty futures likely to open around 22370 levels.
Nifty Overview & Outlook
Benchmark Nifty index opened with a gap on the down side amid announcement of tariffs on Mexico, Canada and additional 10% tariffs on China. It kept sliding throughout the day to settle at 22124.70 levels after a cut of 420 points from its previous closing values.
Broader markets underperformed the benchmarks as Mid and Small cap indices fell 2.06% & 3.01% respectively.
All sectoral indices, tracked at NSE, settled in red. Amongst them, IT, Auto and Media index were the worst hit, down in range 3.48% to 4.18% followed by FMCG, PSU Banks, Health Care, Consumer Durables and Oil & Gas index that fell over 2% each.
Technically, Nifty index is trading below its long term as well as short term moving averages in lower-lows and lower-highs formation. On levels front, we expect it to found supports around 21800 spot levels. On the flip side, 22500-22800 zone will act resistance zone.
Derivatives Overview & Outlook
Last Friday, all F&O indices witnessed addition of short positions as Nifty, Banknifty, Finnifty and Midcapnifty added around 7.7%, 8.2%, 10.4% and 3.1% of open interest respectively.
All F&O sectors settled lower on short buildup. Amongst them, Realty, Power and Capital Goods witnessed maximum addition of short positions.
On options front, call writing along with put addition was seen at multiple strikes. Maximum positions are at 21800 PE and 22500 CE.
Institutional Trading Activity
Last week, FIIs sold stocks worth Rs 19072 Cr in the cash segment, bought stocks futures worth Rs 13659 Cr and sold index futures worth Rs 2804 Cr. DIIs were net buyer in the cash segment to the tune of Rs 22253 Cr during the week.
Nifty Futures, Banknifty Futures and Finnifty Key Levels
Nifty – Resistances 22380-22450; Supports 22220-22100
Banknifty – Resistances 48800-49200; Supports 48300-48200
Finnifty – Resistances 23220- 23300; Supports 23050-22950
F&O Security in Ban Today: NIL
Disclosure
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