Street Signs: Ground shifts beneath Nifty's feet, SMEs lace up for race

The ground shifts beneath Nifty’s feet

 

The Nifty closed at 24,565 — its weakest finish since June 3 — marking losses for a fifth straight week. Technical analysts warn the downtrend could continue. “On the daily chart, the Nifty has breached the recent consolidation support of 24,600. With sentiment still weak, the correction could extend towards the 24,400–24,450 zone,” said Rupak De, senior technical analyst at LKP Securities. He identified 24,400 as a critical support; if the index stays above it, resistance is expected at 24,600, 24,650, and then 24,850.

 

Silver futures roll into GIFT City on $ wheels

 

Starting Monday, silver futures contracts will be traded in US dollar denominations at Gujarat International Finance Tec-City (GIFT City), with the launch on the India International Bullion Exchange. The move allows importers, exporters, and other market participants — including overseas players — to hedge their price risk more efficiently. Earlier in June, gold futures were introduced at the same financial centre. So far, however, trading volumes in that segment remain thin. The first gold futures trade on the exchange was executed on July 18. 

 

SMEs lace up again for mainboard race

 

After a lull triggered by tighter regulations, the migration of small and medium enterprises (SMEs) to the mainboard of the exchange is gathering pace. Three SMEs have moved to the mainboard in the past fortnight, after none in April and May and just one in June. The new migration norms from the National Stock Exchange took effect on May 1. These were introduced amid concerns over alleged manipulation and fund siphoning in the SME space, prompting stricter listing and migration requirements. Under the revised framework, companies must report at least ₹100 crore in revenue for the previous financial year, show operating profits in at least two of the last three years, and meet higher promoter holding criteria — requiring promoters to retain at least 50 per cent of their original stake at the time of listing.