Indian equity benchmark -- Nifty -- ended Monday’s trading session on a higher note, supported by rise in IT stocks. After making a flat start, soon index made a recovery and traded in positive terrain, as sentiments were positive with the RBI stating that rising for the second consecutive week, India's forex kitty jumped $3.553 billion to $599.529 billion for the week ended May 12. The overall reserves had jumped by $7.196 billion to $595.976 billion for the previous reporting week. Some support also came as retail inflation for farm workers and rural labourers eased marginally to 6.5 per cent and 6.52 per cent in April compared to 7.01 and 6.94 per cent, respectively, in March this year.
In afternoon session, index continued to trade in positive terrain, as investors were positive with the engineering export promotion council stating that India’s exports of engineering goods to Russia jumped 11 times in April this year to $133.6 million as compared to year-ago month while the US and China markets continued to soften. Finally, index ended with gains of 111 points, as sentiments were optimistic, after the provisional payroll data released by the retirement fund body showed that formal sector workers under the Employees’ Provident Fund Organisation surged by 13.2% to 13.9 million in 2022-23 compared to 12.2 million in 2021-22.
Traders were seen piling up positions in Metal, IT and Healthcare Index, while selling was witnessed in Private Bank, Financial Services and Bank. The top gainers from the F&O segment were Adani Enterprises, Muthoot Finance and Dixon Technologies (India). On the other hand, the top losers were Siemens, Glenmark Pharmaceuticals and Multi Commodity Exchange Of India. In the index option segment, maximum OI continues to be seen in the 18400 - 18600 calls and 18100 - 18300 puts indicating this is the trading range expectation.
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