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Nifty extends gains for second consecutive day

11 Oct 2023 Evaluate

Indian equity benchmark -- Nifty -- ended Wednesday’s trading session on a higher note as there is an expectation that Consumer Price Index (CPI) inflation likely to fell for September. Besides, traders turned their attention towards upcoming Q2FY24 earnings. Index made a positive start, as some support came in as the Ministry of Finance said India's gross direct tax collection increased by 17.95 per cent on the year to Rs 11.07 lakh crore in the period from April 1 to October 9. Traders also got encouragement with private report stating that World Bank group's India-born chief economist Indermit Gill is upbeat on India's focus on infrastructure, digital public goods and overall economic management.

In afternoon session, index continued to trade in positive terrain and remained higher till the end, as investors remained optimistic with Prime Minister Narendra Modi’s statement that India is a global bright spot, a powerhouse of growth and innovation. Besides, highlighting the fast progress made by India in green and clean energy sector, the Minister of Petroleum & Natural Gas and Housing & Urban Affairs, Hardeep Singh Puri has said that India's energy demand will continue to provide fuel for future economic growth and is bound to grow exponentially in the coming years. 

Most of the sectorial indices ended in green except PSU Bank and IT stocks. The top gainers from the F&O segment were Vodafone Idea, City Union Bank and Hero Motocorp. On the other hand, the top losers were Bank of Baroda, ICICI Prudential Life Insurance Company and Coromandel International. 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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