The production-linked incentive scheme, under which the manufacturing industries get subsidies, has attracted an investment of Rs 1.46 lakh crore till August 2024 across 14 sectors, the government told Parliament on Tuesday.
The investments have resulted in incremental production and sales of over Rs 12.5 lakh crore and employment generation of over 9.5 lakh, according to Jitin Prasada, the minister of state for commerce and industry.
Global Stock Market Today
Nifty Overview & Outlook
The Indian benchmark index, Nifty, marked its third consecutive upbeat on Tuesday, buoyed by positive performances in other Asian markets. The anticipation of another 25 basis point rate cut by the Federal Reserve in its upcoming policy meeting kept global indices elevated. Domestically, strong performances from Adani Group’s frontline stocks, along with growth in Reliance and ONGC following the removal of the windfall tax, contributed to the upward momentum. All-in-all, Nifty rose by 0.8%, with Bank Nifty outperforming, gaining 1.1%, largely driven by PSU Banks.
In the broader market, the Midcap index gained 1.1%, while the Smallcap index slightly lagged with a 0.6% increase. Sector-wise, Nifty PSU Banks and Nifty Media emerged as the top gainers, each rising more than 2.5%, while the Nifty FMCG index was the worst performer, posting a marginal loss of 0.4%. The market breadth remained positive, with 377 advances and 121 declines in the NSE 500.
From a technical standpoint, Nifty has posted its third consecutive gain, surpassing the previously mentioned resistance level of 24350, and has now approached its next immediate resistance range of 24540–24550. A break above this zone could signal a Rounding Bottom neckline breakout. Additionally, Nifty has closed above its 50-day EMA resistance at 24368 on a closing basis, with the 14-period RSI holding above 55. Above 24550, the next resistance is seen at 24770, which corresponds to the 38.2% retracement of the weekly downside rally. Currently hovering near its resistance zone, Nifty could see some profit-taking corrections, with support levels at 24335 and 24175.
Derivatives Overview & Outlook
Yesterday, Nifty, Banknifty and Midcap Nifty futures shed 1 to 2% of open interest each as short covering whereas Finnifty futures added around 9% of open interest as long buildup.
On the sectoral front, long buildup was seen among Banking, Finance, Infra, Power and IT stocks whereas some short buildup was seen among FMCG and Pharma stocks.
On options front, put writing was seen at multiple strikes and maximum positions are at 24000 PE and 25000 CE. Quantum of put positions are significantly higher than that of call positions indicating strength in the on going up move. One need to be watchful of positions buildup or unwinding and act accordingly in case of any meaningful change.
Institutional Trading Activity
Yesterday, FIIs bought stocks worth Rs 3665 Cr in the cash segment, bought index futures worth Rs 2073 Cr and sold stocks worth Rs 202 Cr. DIIs were net sellers in the cash segment to the tune of Rs 251 Cr.
Nifty Futures, Banknifty Futures and Finnifty Key Levels
Nifty – Resistances 24660-24765; Supports 24400-24280
Banknifty – Resistances 53100-53400; Supports 52450-52050
Finnifty – Resistances 24460- 24530; Supports 24250-24160
F&O Security in Ban Today: GRANULES, MANAPPURAM, RBLBANK.
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