Indian equity benchmark -- Nifty -- ended near day’s high point on Friday, led by gains in IT and Media sectors’ stocks. Index made a positive start, as sentiments got boost after Labor Department report showed producer prices in the U.S. inched up by slightly less than expected in the month of June. Some optimism also came with Union Minister of Commerce and Industry Piyush Goyal’s statement that there is work ongoing with a number of economies, including the UK, on the issue of intellectual property (IP) rights and modernisation in an effort to improve Indian protocols.
In afternoon session, index continued to trade in positive terrain, as sentiments remained upbeat after India’s inflation based on wholesale price index (WPI) deflated for the third straight month in June, on the back of fall in prices of mineral oils, non-food Articles, crude petroleum & natural gas and electricity. WPI inflation stood at (-) 4.12% for the month of June 2023 against (-) 3.48% recorded in May 2023. In late hour of trade, buying got intensified which helped index to end session near all-time high as investors continued to hunt for fundamentally strong stocks.
