Will Nifty fall for fourth session or top 18200? Check US stocks, Asian markets, FII activity, SGX Nifty, more The SGX Nifty gained 0.1% in trade on Thursday morning, signaling that domestic indices NSE Nifty 50 and BSE Sensex would open on a flat basis. Nifty futures were 18 points higher on the Singaporean exchange at 18,196. After trading in the green, Nifty 50 and Sensex erased their gains to end lower. Nifty gave up 52 points in trade, closing at 18,130 while Sensex declined 130 points or 0.2% to 61,432. “Positive developments in debt-ceiling negotiations in the US had a favourable impact on global market sentiments. However, the domestic market experienced a subdued mood in the latter half, mainly attributed to the mixed earnings reported by sector majors. India’s VIX at lower levels indicates market stability, instilling confidence in investors and encouraging long-term investment,” said Vinod Nair, Head of Research, Geojit Financial Services. Shares in Asia-Pacific followed Wall Street’s positive cues, as Asian markets were largely trading in the green. Hong Kong’s Hang Seng fell 1.38% while China’s Shanghai Composite traded lower by 0.72%. Japan’s Nikkei 225 gained sharply, up 0.99% as Taiwan’s TSEC 50 was up 0.39% and South Korea’s Kospi was up 0.47% at 0745 IST. Oil prices fell slightly in early Asian trade on Friday as optimism that a U.S. debt default will be avoided weighed against sticky inflation data that could portend more interest rate hikes from global central banks. Brent futures were down 2 cents at $75.84 a barrel as at 0015 GMT. U.S. West Texas Intermediate (WTI) crude fell 10 cents, or 0.043%, to settle at $71.76. Foreign institutional investors (FII) net bought shares worth net Rs 970.18 crore, while domestic institutional investors (DII) net sold shares worth net Rs 849.96 crore on May 18, according to the provisional data available on the NSE. The National Stock Exchange has Delta Corp, Balrampur Chini Mills, Mannappuram Finance, GNFC, Punjab National Bank, Aditya Birla Fashion and Retail, L&T Finance Holdings, and LIC Housing Finance securities on its F&O ban list for 19 May. According to the NSE, stocks are prohibited in the F&O sector when they have exceeded 95% of the market-wide position limit (MWPL). During the F&O ban period, no new positions are permitted for F&O contracts in that stock. “On the upside, the key resistance levels to consider 44,000-44,150 in the Bank Nifty. Presently, Bank Nifty is facing selling pressure, leading to profit booking. Traders should exercise caution while initiating substantial long positions as the current market indicators lack clarity and strength,” said Ameya Ranadive, Equity Research Analyst, Choice Broking. “The recent swing high of 18,458 level could now be considered as a new higher top of the sequence and the current weakness seems to be in line with the new higher bottom formation as per daily time frame chart. At the lower levels, the Nifty is expected to find support around 18,000-17,950 levels before showing upside bounce from the lows in the next 2-3 sessions,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. “For the Nifty, as long as the highest put writers are at the 18,000 level, this will act as a strong support and one should become bearish only below the 17,800 level,” said Rahul Ghose, Founder & CEO, Hedged.
The launched works involve rehabilitating the Galgamuwa Railway Station and upgrading the railway line from Maho to Anuradhapura, including additional tasks. Another project is the second phase of track rehabilitation from Maho to Omanthai (128 kms), funded by a $318 million Indian Line of Credit.
Transport Minister Gunawardena praised the efforts of Indian company IRCON in Sri Lanka and called for more cooperation in the railway sector. State Minister Shantha Bandara and officials from the Sri Lankan Ministry of Transport attended the event.
Railways is a priority for Indian assistance in Sri Lanka, with over $1 billion invested under five Indian Lines of Credit. IRCON has been involved in Sri Lanks since 2009. It has contributed to the modernisation of Sri Lanka Railways by reconstructing the entire railway line network in the Northern Province (253 Km) and upgradation of the Southern line (115 km), as well as improving safety through advanced signalling and telecommunication systems.
Despite Sri Lanka’s debt standstill in April 2022, India’s support under various Lines of Credit has continued.
(With PTI inputs)