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Nifty ends higher for fourth consecutive day

07 Jun 2023 Evaluate

Indian equity benchmark -- Nifty -- ended Wednesday’s trading session near day’s high point, ahead of Reserve Bank of India's Monetary Policy decision tomorrow. Index made a good start, as traders got some support with the World Bank’s statement that India would remain the fastest-growing economy in terms of both aggregate and per capita gross domestic product (GDP) among the largest emerging market and developing economies in FY24. Besides, Union Minister for Law and Justice Arjun Ram Meghwal has said that the government has undertaken several steps to strengthen the judiciary and alternate dispute resolution mechanism which will act as an incentive to foreign investors and help take India-UK relations to new heights. 

Index continued to trade on a higher note in afternoon session. Sentiments remained positive, amid a private report stating that the Reserve Bank of India is expected to pause for a second straight month as inflation eases and market watchers are looking for cues of a shift in policy stance to support growth in Asia’s third largest economy. In last leg of trade, index extended its northward journey and ended near day’s high point, as investors took support with Credit rating agency ICRA’s latest report stating that India Inc. have witnessed sequential expansion in margins in Q4 FY2023, with a YoY increase of 11.4%, while the sequential revenue growth was relatively moderate at 5.2%.

All the sectorial indices ended in green. The top gainers from the F&O segment were Vodafone Idea, Hindustan Petroleum Corporation and lenmark Pharmaceuticals. On the other hand, the top losers were Polycab India, Kotak Mahindra Bank and Cipla. 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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