Nifty ends near day’s high point on Friday

06 Oct 2023 Evaluate

Indian equity benchmark -- Nifty -- ended Friday’s trading session in positive terrain, as the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) kept the key repo rate unchanged at 6.5 per cent, while maintaining the 'withdrawal of accommodation' stance. Index made a positive start, as investors took encouragement with Finance Minister Nirmala Sitharaman’s statement that the inclusion of Indian bonds in JPMorgan’s widely tracked emerging market debt index could bring $23 billion worth inflows into the country. Traders got some support as India and the UAE have signed a Memorandum of Understanding (MoU) on increasing cooperation in the field of industries and advanced technologies. The MoU aims at strengthening and developing industries in both nations through investments, technology transfer and deployment of key technologies in industries, by benefitting from joint funds and mutual efforts.

In afternoon session, index extended its gains, as traders took support with a private report stating that the Centre's prospects of meeting its fiscal deficit target of 5.9 percent of GDP for the current financial year have brightened rather considerably over the last few days, with direct tax collections - both corporate and personal income tax - rising massively, and unexpectedly, in August. Besides, the Reserve Bank said India is poised to become the growth engine of the world as it retained the GDP projection for the current fiscal at 6.5 per cent. Unveiling the bi-monthly monetary policy review, Reserve Bank of India (RBI) Governor Shaktikanta Das said the domestic economy exhibits resilience on the back of strong demand. Finally, index ended near day’s high point with over half a percent gains.

Most of the sectorial indices ended in green except Media stocks. The top gainers from the F&O segment were Bajaj Finserv, Multi Commodity Exchange of India and Godrej Properties. On the other hand, the top losers were Vodafone Idea, Indus Towers and Dalmia Bharat. In the index option segment, maximum OI continues to be seen in the 19900 - 20100 calls and 19400 - 19600 puts indicating this is the trading range expectation.

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