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Nifty ends higher on Tuesday

19 Dec 2023 Evaluate

Indian equity benchmark Nifty scaled up new high level on Tuesday and ended in green. India VIX was down by 0.23%. Market made a positive start but soon dragged into red amid foreign fund outflows. Provisional data from the National Stock Exchange (NSE) showed that foreign institutional investors (FIIs) net sold shares worth Rs 33.51 crore on December 18. Index traded lower in the first half of the session despite Ministry of Finance showed that India's net direct tax collections from April 1 to December 17 (FY23-24) rose 20.7 percent on-year to Rs 13.70 lakh crore. Within overall direct tax collections, corporate tax mop-up amounted to Rs 6.95 lakh crore, while personal income tax and securities transaction tax together came in at Rs 6.73 lakh crore. However, in afternoon session, market wiped out all losses, as investors took some support with International Monetary Fund’s (IMF) statement that India's robust economic growth, propelled by key reforms in digitisation and infrastructure, positions it as a leading global contributor, accounting for over 16 per cent of the world's growth. Index remained in green till the end of the session and touched fresh record high. 

Traders were seen piling up positions in FMCG, Pharma and PSU Banks stocks, while selling was witnessed in Auto, Media and Metal. The top gainers from the F&O segment were Coal India, Hindustan Copper and Nestle India. On the other hand, the top losers were Siemens, ZEEL and SAIL. In the index option segment, maximum OI continues to be seen in the 21450 - 21600 calls and 20950 - 21300 puts indicating this is the trading range expectation.

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