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Nifty extends winning streak for eighth consecutive day

06 Jul 2023 Evaluate

Indian equity benchmark -- Nifty -- ended Thursday’s trading session on a higher note supported by gains in Auto, Media and Reality sectors’ stocks. After making a negative start, soon index traded above neutral line, as investors took some support with G20 Sherpa Amitabh Kant’s statement that high GDP growth of 8-9 per cent could be driven by focus on manufacturing and urbanisation. He added about 5,500 census towns need to have master planning, and sustainable urbanisation is the way forward, which is a huge opportunity to drive growth in India. He said the bulging middle class holds immense power to drive sustained economic, political and social growth in India.

In afternoon session, index continued to trade on a higher note, as sentiments remained optimistic with the Finance Ministry’s statement that stellar macroeconomic management in the midst of unprecedented global challenges has put India on a quicker recovery path than has been the case in other nations. Monthly Economic Review for May and Annual Review of 2023 stated that investments in supply-side infrastructure have raised the possibility of India enjoying sustained economic growth longer than it has been able to do in several decades. At the end, index extended its northward journey and finished with over half a percent gains.

Most of the sectorial indices ended in green except IT and FMCG. The top gainers from the F&O segment were Multi Commodity Exchange of India, Mahindra and Mahindra and Hindustan Copper. On the other hand, the top losers were Eicher Motors, RBL Bank and Jindal Steel and Power. In the index option segment, maximum OI continues to be seen in the 19900 - 20100 calls and 18900 - 19100 puts indicating this is the trading range expectation.

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