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Nifty snaps 2-day losses to end higher on Tuesday

28 Nov 2023 Evaluate

Indian equity benchmark -- Nifty -- ended Tuesday’s trading session in a positive terrain amid a strong rally in Adani Group stocks. Index made a slightly positive start, as investors got some support with the Reserve Bank of India (RBI) in its latest data showing that India's foreign exchange reserves increased by $5.077 billion to $595.397 billion for the week ending November 17. Traders took a note of report that S&P Global Ratings has raised India's growth forecast for the current financial year (FY24) to 6.4 per cent, from 6 per cent, saying that robust domestic momentum has offset headwinds from high food inflation and weak exports.

Index continued to trade on a higher note in afternoon session, as market participants took some support with Engineering Exports Promotion Council (EEPC) India stating that Indian engineering exports to 18 key markets recorded positive growth in October. Countries which registered positive growth in exports during October include the UK, US and UAE among others. Engineering exports to the US was $1391.5 million, up 2.2 per cent year-on-year against $1361 million. In last leg of trade, index extended its gains to end near day’s high point and settled above 19850 mark.

Most of the sectorial indices ended in green except Healthcare, Pharma and FMCG stocks. The top gainers from the F&O segment were Adani Enterprises, Multi Commodity Exchange of India and Hindustan Petroleum Corporation. On the other hand, the top losers were Granules India, Tata Communications and Glenmark Pharmaceuticals. In the index option segment, maximum OI continues to be seen in the 19900 - 20100 calls and 19700 - 19900 puts indicating this is the trading range expectation.

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