Indian equity benchmark -- Nifty -- ended Monday’s trading session in a positive terrain with marginal gains. After making slightly positive start, soon index altered between red and green terrains. Investors were concerned, as the Reserve Bank of India’s (RBI) paper has said inflation is slowing down personal consumption expenditure, which in turn is moderating corporate sales and holding back private investment in capacity creation. Some concern also came as exchange data showed Foreign Institutional Investors (FIIs) offloaded equities worth Rs 344.81 crore on Friday.
Despite volatility, market managed to end with gains of 25.70 points, as market participants took some support with Commerce and Industry Minister Piyush Goyal stating that the Export Credit Guarantee Corporation (ECGC) has supported over 16,000 exporters with an aggregate value of business covered to the tune of Rs 6.68 lakh crore in 2022-23 and it is expected to increase to more than Rs 10 lakh crore this fiscal. Traders also got support amid reports that foreign portfolio investors (FPIs) continue to show confidence in Indian equities and pumped more than Rs 30,600 crore in June so far, as they bet on the country's stable macroeconomic profile and sturdy corporate earnings outlook.
Most of the sectorial indices ended in green except PSU Bank and Oil & Gas. The top gainers from the F&O segment were Multi Commodity Exchange of India, Rain Industries and Metropolis Healthcare. On the other hand, the top losers were Shree Cement, Apollo Tyres and IndiaMART InterMESH. In the index option segment, maximum OI continues to be seen in the 18700 - 18900 calls and 18600 - 18800 puts indicating this is the trading range expectation.
