Nifty extends winning run for sixth consecutive day

08 Sep 2023 Evaluate

Indian equity benchmark -- Nifty -- ended Friday’s trading session on a higher note, led by healthy buying in Realty, Consumer Durables and Financial Services stocks. Index made a positive start, as investors took encouragement with a private report stating that Inflation in India was likely to have eased in August from a 15-month high in July, led by cooling vegetable prices. Erratic monsoon rains have ruined some crops of staple food items, prompting the government to subsidise vegetable prices and ban exports of some cereals, providing temporary relief to households. Some optimism also came in as NaBFID Chairman KV Kamath said India’s GDP will likely grow to $25 trillion size in the next 25 years and digital fintech players could contribute to about 25%-30% of the overall growth.

In afternoon session, index extended its gains, as market participants remained positive with private report that leaders of the USA, India, Saudi Arabia and the United Arab Emirates are likely to announce a major joint infrastructure deal to connect Gulf and Arab countries via a network of railways. The deal will also connect the rail network to India through shipping lanes from ports in the Gulf region. Sentiments also remained optimistic, after a G20 document prepared by the World Bank stated that India has achieved financial inclusion targets in just 6 years which would otherwise have taken at least 47 long years. The document highlights the groundbreaking measures taken by Central Government and the pivotal role of government policy and regulation in shaping the Digital Public Infrastructure (DPI) landscape. Finally, index ended in a positive terrain with gains of 92.90 points.

Traders were seen piling up positions in Realty, Consumer Durables and Financial Services stocks, while selling was witnessed in Media, Healthcare and Pharma. The top gainers from the F&O segment were Power Finance Corporation, REC and Havells India. On the other hand, the top losers were Zee Entertainment Enterprises, Glenmark Pharmaceuticals and Balrampur Chini Mills. 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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