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Nifty extends gains for second consecutive day

30 Nov 2023 Evaluate

Indian equity benchmark -- Nifty -- ended Thursday’s trading session in a positive terrain supported by gains in healthcare, Pharma and Realty stocks. After making a slightly positive start, soon index slipped into red, as traders paid no attention towards Economic Affairs Secretary Ajay Seth’s statement that Indian economy is showing momentum and the growth rate in the second quarter (July-September) is likely to be good. The economy grew at 7.8 per cent in the first quarter (April-June) of the current financial year.

In afternoon session, index continued to trade below its neutral line, as investors overlooked report that the National Sample Survey Office (NSSO) said the unemployment rate for people aged 15 years and above in urban areas declined to 6.6 per cent in the September quarter (Q2FY24) from 7.2 per cent a year ago. The unemployment rate in the March quarter of the previous fiscal was 6.8 per cent. The rate was 7.2 per cent in the third quarter of the previous fiscal. In last leg of trade, index managed to cut all of its losses and ended with minor gains.

Most of the sectorial indices ended in green except BANK, PUS Bank and IT stocks. The top gainers from the F&O segment were Delta Corp, India Cements and Indiabulls Housing Finance. On the other hand, the top losers were Tata Power Company, DLF and Federal Bank. In the index option segment, maximum OI continues to be seen in the 20900 - 21100 calls and 19900 - 20100 puts indicating this is the trading range expectation.

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