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Nifty extends gains for seventh consecutive day

06 Dec 2023 Evaluate

Indian equity benchmark -- Nifty -- ended Wednesday’s trading session on a higher note led by gains in Media, IT and Oil & Gas stocks. Index made a gap up opining, as traders took support with report that banks have written off Rs 10.57 lakh crore during the last five financial years, of which Rs 5.52 lakh crore was in respect of loans pertaining to large industries. The scheduled commercial banks have also recovered Rs 7.15 lakh crore of non-performing assets (NPAs) during the five-year period. Further, foreign fund inflows also supported sentiments. Provisional data from the National Stock Exchange (NSE) showed that foreign institutional investors (FIIs) bought shares worth Rs 5,223.51 crore on December 5. Index trimmed some of its gains in afternoon session, but soon regained traction, as traders got support after the government sought Lok Sabha nod for a net additional spending of Rs 58,378 crore in the current fiscal. The first batch of supplementary demands for grants for 2023-24 fiscal was tabled in the lower house of the parliament by Minister of State for Finance Pankaj Chaudhary. In last leg of trade, index touched day’s high point and ended with gains of 82.60 points.

Traders were seen piling up positions in Media, IT and Oil & Gas stocks, while selling was witnessed in Healthcare, Bank and Pharma. The top gainers from the F&O segment were Chambal Fertilisers and Chemicals, Hindustan Aeronautics and Tata Power Company. On the other hand, the top losers were Balrampur Chini Mills, Can Fin Homes and ACC. 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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