Indian equity benchmark -- Nifty -- ended Friday’s trading session in a positive terrain. Index made an optimistic start, as investors got some support with the finance ministry’s report stating that India's improved monsoon performance, continued expansion in manufacturing, and vigorous capital expenditure spending by the public and private sectors augur well for macroeconomic stability and growth during FY24. Traders also took a note of Chief Economic Advisor (CEA) V Anantha Nageswaran’s statement that India needs to focus on the manufacturing sector to achieve sustained growth of 7-7.5 per cent until 2030. He also said that manufacturing should be a key growth area given the country's comparative advantage in terms of skilled labour, improved physical infrastructure, well-established industrial ecosystem and large domestic market.
Index continued to trade on a higher note in afternoon session, as market participants took some support with a private report stating that foreign portfolio investors (FPIs) bought Indian shares worth 466.18 billion rupees ($5.63 billion) on a net basis in July, data from the National Securities Depository (NSDL). This is the highest monthly FPI inflows since August 2022. Sentiments remained upbeat as S&P Global report said India can become a $6.7 trillion economy by 2031, from $3.4 trillion currently, if the country clocks an average growth of 6.7 per cent for 7 years. Finally, index ended near day’s high point and finished above 19500 mark.
Most of the sectorial indices ended in green except PSU Bank, Auto and FMCG Index. The top gainers from the F&O segment were LIC Housing Finance, Info Edge (India) and Jubilant FoodWorks. On the other hand, the top losers were Aditya Birla Fashion and Retail, Mahanagar Gas and Cummins India. In the index option segment, maximum OI continues to be seen in the 19900 - 20100 calls and 19600 - 19800 puts indicating this is the trading range expectation.
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