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Nifty ends at record closing high

14 Dec 2023 Evaluate

Indian equity benchmark -- Nifty -- ended Thursday's trading session in a positive terrain after the US Federal Reserve left the interest rates unchanged and signalled the possibility of three rate cuts in 2024. Index made a gap up opening, as traders took support with Niti Aayog Vice Chairman Suman Bery’s statement that agriculture will play a central role in India's development trajectory as strong rural demand supports manufacturing and economic revival. Besides, foreign fund inflows aided sentiments. Provisional data from the National Stock Exchange (NSE) showed that foreign institutional investors (FIIs) net bought shares worth Rs 4,711 crore on December 13.

Index continued to trade on a higher note in afternoon session, as sentiments remained positive with Commerce and Industry Minister Piyush Goyal’s statement that foreign investors should explore business opportunities in India as it provides a huge domestic market and investment-friendly environment. Sentiments got a boost as Asia Development Bank (ADB) said India’s economy would grow 6.7 per cent in Financial Year 2023-24 (FY24), raising the estimate from 6.3 per cent it made in September. The lender revised its estimate based on India’s higher-than-expected gross domestic product (GDP) growth, of 7.6 per cent, in the second quarter of FY24. Finally, index ended near day’s high point with gains of 256.35 points.

Most of the sectorial indices ended in green except Media, Consumer Durables and Healthcare stocks. The top gainers from the F&O segment were Mphasis, Steel Authority of India and Mahindra & Mahindra Financial Services. On the other hand, the top losers were Max Financial Services, Zee Entertainment Enterprises and Chambal Fertilisers and Chemicals. In the index option segment, maximum OI continues to be seen in the 21400 - 21600 calls and 20900 - 21100 puts indicating this is the trading range expectation.

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