Nifty ends on higher note; settles above 19750 mark

31 Jul 2023 Evaluate

Indian equity benchmark -- Nifty -- finished Monday’s trading session in positive terrain with over half a percent gains, led by buying in Reliance Industries and Tata Consultancy Services stocks. After making a cautious start, soon index started northward journey, as investors took encouragement with Finance minister Nirmala Sitharaman’s statement that the government is focusing on four I’s - infrastructure, investment, innovation and inclusivity to put in place an enabling ecosystem that will catapult India into the league of developed nations by 2047. Some support also came with a private report stating that the country’s per capita income is likely to grow by close to 70 per cent to $4,000 by fiscal 2030 from $2,450 in fiscal 2023, helping it become a middle-income economy with $6-trillion GDP, more than half of which will be coming in from household consumption.

Index extended its gains in afternoon session, as market participants took some support with Commerce and Industry Minister Piyush Goyal’s statement that he is hopeful of India finalising certain free trade agreements (FTAs) in the next few months, which would help promote exports. India is in the final stages of concluding FTA negotiations with the UK. The country is also negotiating similar pacts with Canada and European Union (EU). Traders were seen taking a note of the income tax department’s statement that over 5 crore income tax returns (ITRs) have been filed for the 2022-23 fiscal, which ended March 31. Out of the 5.03 crore ITRs filed till July 27, 2023, about 4.46 crore ITRs have been e-verified i.e. more than 88 per cent ITRs filed have been e-verified. In last leg of trade, index magnified its gains and settled above 19750 mark.

Most of the sectorial indices ended in green except FMCG and Healthcare Index. The top gainers from the F&O segment were Hindustan Copper, Coromandel International and Indiabulls Housing Finance. On the other hand, the top losers were Piramal Enterprises, Syngene International and Apollo Hospitals Enterprise. In the index option segment, maximum OI continues to be seen in the 18900 - 19100 calls and 19600 - 19800 puts indicating this is the trading range expectation.

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