Nifty ends higher for second straight session

05 Jun 2023 Evaluate

Indian equity benchmark -- Nifty -- finished Monday’s trading session in a positive terrain, supported by buying in index heavyweights Reliance Industries, ICICI Bank and Mahindra and Mahindra stocks amid a positive trend in global market. Index made a good start, as investors took support with a private report that India’s manufacturing, agriculture, and services sector activities are likely to sustain growth in FY24 on the back of private investments and improved high-frequency data, although headwinds of slowing exports, a global slowdown, and monsoon uncertainty may continue. Some support also came with Secretary in the department for promotion of industry and internal trade (DPIIT) Rajesh Kumar Singh’s statement that an inter-ministerial consultation is going on to frame an e-commerce policy which would help in providing a conducive environment for inclusive and harmonious growth of the sector.

Index continued to trade higher in afternoon session. Market participants remained positive, as SBI Research said in a report that the Reserve Bank of India (RBI) is expected to again pause the repo rate, the rate at which the central bank lends money to banks, in its bi-monthly monetary policy to be held this week. Adding more comfort among traders, newly elected CII President R Dinesh said that private sector investment is set to witness a significant increase, as capacity utilisation in several key sectors has already crossed 80 per cent and economic growth is estimated to be 6.7 per cent in the current financial year. Finally, index ended with gains of 59.75 points.

Traders were seen piling up positions in Auto, Media and Private Bank, while selling was witnessed in FMCG, PSU Bank and IT. The top gainers from the F&O segment were Mahindra And Mahindra, Hindustan Aeronautics and Zee Entertainment Enterprises. On the other hand, the top losers were Info Edge (India), AU Small Finance Bank and Delta Corp. 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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