Indian equity benchmark -- Nifty -- ended Tuesday’s trading session on a higher note, led by heavyweights Reliance Industries, Infosys and ITC stocks. Index made an optimistic start, as investors took encouragement with a private report stating that a host of factors like a rising population, progress in innovation and technology, higher capital investments and rising labour productivity could potentially make India the world’s second largest economy by 2075. Some support also came as India’s direct tax collection soared 16 per cent to touch Rs 4.75 trillion this financial year, showing continuity in revenue growth despite external headwinds.
In afternoon session, index continued to trade in a positive terrain, as sentiments were positive amid reports that strong inflow in new fund offers (NFOs) and consistent SIP flow helped equity mutual funds attract Rs 8,637 crore in June, which is the highest level in three months. Besides, a private report stated that India has overtaken China as the most attractive emerging market for investing, according to 85 sovereign wealth funds and 57 central banks representing $21 trillion in assets. In last leg of trade, index trimmed some of its gains amid profit booking by investors but ended higher by 83.50 points.
Traders were seen piling up positions in Auto, FMCG and Consumer Durables, while selling was witnessed in Financial Services, Bank, and Metal. The top gainers from the F&O segment were Tata Communications, Polycab India and IndiaMART InterMESH. On the other hand, the top losers were Navin Fluorine International, Atul and Bandhan Bank. In the index option segment, maximum OI continues to be seen in the 19400 - 19600 calls and 18900 - 19100 puts indicating this is the trading range expectation.
