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Nifty extends gains for second consecutive day

30 Oct 2023 Evaluate

Indian equity benchmark -- Nifty -- ended Monday’s trading session on a higher note supported by gains in Bharat Petroleum Corporation, ONGC and Reliance industries stocks. After making a cautious start, soon index cut all of its initial losses to trade in a positive terrain, as investors took some support with Minister of State for Finance Pankaj Chaudhary’s statement that India's G20 Presidency has opened doors for global investment and sustainable economic growth. He said under the able leadership of Prime Minister Narendra Modi, significant developments were made with world leaders. 

Index continued to trade on a higher note in afternoon session, as market participants got encouragement  after India and the UK have reviewed the progress of negotiations of the proposed free trade agreement (FTA), talks for which have reached the final stage. Further, some support also came in as NITI Aayog, the central think tank, is in advanced stages of finalising the yearlong exercise of developing a 25-year vision to make India a $30 trillion economy by 2047. In last leg of trade, index extended its gains and ended near day’s high point, as traders went for fundamentally strong stocks.

Traders were seen piling up positions in Realty, Oil & Gas and Bank stocks, while selling was witnessed in Auto, Consumer Durables and FMCG. The top gainers from the F&O segment were Vodafone Idea, DLF and Bharat Petroleum Corporation. On the other hand, the top losers were Mahindra & Mahindra Financial Services, Petronet LNG and SBI Cards and Payment Services. 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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