Indian equity benchmark -- Nifty -- ended in negative terrain after see-saw session on weekly F&O expiry, dragged by losses in Bank, Metal and Oil & Gas sectors’ stocks. After making a cautious start, soon index traded above neutral line, as traders took some support with encouraging Q4 GDP data and easing U.S. debt worries. India’s economic growth measured in terms of Gross Domestic Product (GDP) surged to 6.1 per cent in the March quarter of fiscal year 2022-23 (Q4FY23). In Q4FY22, gross domestic product (GDP) growth was 4 per cent.
Index managed to trade in a positive terrain for the most part of the session. Sentiments remained positive as India's manufacturing sector activity improved further in the month of May, hitting 31-month high, with factory orders rising at the fastest pace since January 2021 and companies stepping up input purchasing owing to stock-replenishment efforts. In last leg of trade, index slipped into red terrain and ended near day’s low point, as the Reserve Bank of India’s data report showed that growth of bank credit to industry decelerated to 7 per cent in April 2023 as compared with 8 per cent in corresponding month in the previous year.
Traders were seen piling up positions in Realty, Pharma and Healthcare Index, while selling was witnessed in Bank, Private Bank and Financial Services. The top gainers from the F&O segment were Apollo Hospitals Enterprise, India Cements and RBL Bank. On the other hand, the top losers were Coal India, ABB India and Kotak Mahindra Bank. In the index option segment, maximum OI continues to be seen in the 18900 - 19100 calls and 17900 - 18100 puts indicating this is the trading range expectation.
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