Nifty exhibited enthusiastic performance on Wednesday, by surpassing its psychological level of 19,000. India VIX was up by 1.02%. Index concluded optimistic day of trade with gains of over half a percent. Initially, market made a positive start and added more points, as traders got support after Reserve Bank of India (RBI) in its latest data has showed that India's current account deficit (CAD) narrowed to $1.3 billion or 0.2 per cent of GDP in the January-March quarter of FY23, mainly due to moderation in the trade deficit and a robust increase in services exports. Index continued its gaining momentum in afternoon session, as foreign fund inflows also supported domestic sentiments. According to the provisional data available on the NSE, foreign institutional investors (FII) bought shares worth a net Rs 2024.05 crore on June 27.
Sentiments remained positive, as Services Export Promotion Council (SEPC) Chairman Sunil H Talati has said that the US announcement to introduce in-country renewable of H-1B visas will help swift movement of Indian IT professionals and promote services exports. In late afternoon session, index crossed 19,000 mark as investors continued to hunt for fundamentally strong stocks. Traders overlooked Reserve Bank of India’s data showing that net profit of the manufacturing, and the IT sector moderated in 2022-23. The net profit margin of the manufacturing sector declined to 8.7 per cent in 2022-23, against 10.6 per cent in 2021-22.
Most of the sectorial indices ended in green except Media. The top gainers from the F&O segment were Adani Enterprises, PFC and Adani Ports. On the other hand, the top losers were Marico, IndiaMART InterMESH and Metropolis Healthcare. In the index option segment, maximum OI continues to be seen in the 19400 - 19600 calls and 18450 - 18600 puts indicating this is the trading range expectation.
