Nifty resumed its northward journey and concluded day’s trade with gains of above a percent, as traders went for value buying. After making a positive start, index enlarged its gains, as traders took support with Reserve Bank of India’s statement that India’s foreign exchange reserves jumped $4.532 billion to $588.78 billion for the week ended April 28. The overall reserves had dropped $2.164 billion to $584.248 billion in the previous reporting week.
Market continued its firm trade in afternoon session, as sentiments remained upbeat after data available with the depositories showed foreign portfolio investors (FPIs) continue to be buyers of Indian equities in May and invested Rs 10,850 crore in the last four trading sessions due to the country's stable macroeconomic environment, robust GST collection and better-than-expected corporate quarterly earnings. This came following a net infusion of Rs 11,630 crore in equities in April and Rs 7,936 crore in March.
Market maintained its trade at higher level till the end. Traders got some additional support with a private report that India will likely grow at a moderate pace between 6 per cent and 6.5 per cent in FY2023-24 while the global economy continues to struggle. It further noted that growth in the next year will likely pick up as investment kickstarts the virtuous circle of job creation, income, productivity, demand, and exports supported by favourable demographics in the medium term.
Most of the sectorial indices ended in green except Media and PSU Bank. The top gainers from the F&O segment were Marico, Indusind Bank and Manappuram Finance. On the other hand, the top losers were Coal India, Havells India and Aditya Birla Fashion and Retail. In the index option segment, maximum OI continues to be seen in the 18400 -18600 calls and 17900 -18200 puts indicating this is the trading range expectation.
