Nifty ends on higher note amid easing retail inflation

13 Jun 2023 Evaluate

Indian equity benchmark -- Nifty -- ended Tuesday’s trading session in a positive terrain, supported by positive macro-economic data. India’s CPI print fell to a 25-month low in May. India’s May CPI inflation eased to 4.25% from 4.7% in April 2023, while India’s industrial production growth measured in terms of the Index of Industrial Production (IIP) rose to 4.2 per cent in April. Index made a good start, as some support came with Commerce and Industry Minister Piyush Goyal’s statement that India and the UAE look to more than double non-oil bilateral trade to $100 billion by 2030. At present, the non-oil bilateral trade stands at $48 billion. Further, sentiment got a boost as the Chief Economic Advisor to the Government of India, Dr V Anantha Nageswaran, said the real GDP growth for the year ending March 2023 was 7.2 per cent, which surpassed expectations, as the underlying momentum in the economy was quite strong.

Index continued its positive trade in afternoon session. Sentiments remained positive, as the Union Government released 3rd installment of tax devolution to State Governments amounting to Rs 1,18,280 crore on June 12, 2023, as against normal monthly devolution of Rs 59,140 crore. One advance installment in addition to the regular installment due in June 2023 is being released to States to enable them to speed up capital spending, finance their development/ welfare related expenditure and also to make available resources for priority projects/ schemes. Besides, the Finance Ministry officials will showcase India's strong economic fundamentals and pitch for a sovereign rating upgrade in a meeting with US-based Moody's on June 16. At the end, index extended its gains and finished on a higher note, as investors went for fundamentally strong stocks.

Most of the sectorial indices ended in green except Auto. The top gainers from the F&O segment were Tata Communications, Aditya Birla Fashion and Retail and Trent. On the other hand, the top losers were Interglobe Aviation, Container Corporation of 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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