Nifty ends on higher note for third consecutive day

05 Sep 2023 Evaluate

Indian equity benchmark -- Nifty -- ended Tuesday’s trading session in a positive terrain, led by gains in Media, Healthcare and Pharma stocks. Index made a positive start, as sentiments remained positive with report showing that rains forecast for swathes of India this month should limit the damage to crops after a delayed monsoon and parched August, leaving the world’s most populous nation with sufficient supplies. Traders were getting some encouragement on report that India is on the path to become a solid global player due to robust financial regulations. India was in a sweet spot to grow robustly, despite global turmoil and monsoon risks to growth, and to do so, developing credit markets was essential.

However, in afternoon session, index cut its gains and traded near neutral line, impacted by negative cues from the global markets ahead to monetary policy decisions of major central banks, including the Reserve Bank of Australia, the US Federal Reserve, Bank of England and the European Central Bank. Adding some worries among traders, India’s services sector growth eased in the month of August, but remained among the best in 13 years, with a series-record increase in new export business inducing another sharp expansion in total sales. As per the survey report, the seasonally adjusted S&P Global India Services PMI Business Activity Index fell at 60.1 in August from 62.3 in July. Further, the S&P Global India Composite PMI Output Index -- which measures both manufacturing and services -- eased to 60.9 in August as against 61.9 in July. But, in last leg of trade, index again added gains and ended near day’s high point.

Most of the sectorial indices ended in green except Financial Services, Bank and Auto stocks. The top gainers from the F&O segment were Jubilant FoodWorks, Aditya Birla Fashion and Retail and Aurobindo Pharma. On the other hand, the top losers were Indiabulls Housing Finance, ICICI Prudential Life Insurance Company and Samvardhana Motherson International. 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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