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Nifty turns positive after 2-day losing streak

04 Jan 2024 Evaluate

Indian equity benchmark -- Nifty -- ended in positive terrain on Thursday, snapping 2-day losing streak. Index made a gap-up opening, as traders took encouragement after India Ratings and Research upped India’s GDP growth estimate for current fiscal to 6.7 per cent, from 6.2 per cent, citing resilient economy, sustained government capex and prospect of a new private corporate capex cycle. Adding more optimism, Fitch Ratings said the economic growth in Asia Pacific will remain strong in 2024 and GDP is expected to grow by about 5 per cent in India and a host of emerging market countries. In its report titled 'APAC Cross-Sector Outlook 2024', Fitch said the outlooks for the banking sectors in India and Indonesia, as well as APAC emerging markets as a whole, move to improving in 2024, partly reflecting the robust economic backdrop.

In afternoon session, index continued its northward journey and remained higher till the end, as sentiments remained up-beat with Commerce and Industry Minister Piyush Goyal exuding confidence that during this fiscal (FY24), the country will maintain the last year's export figures despite slowdown in global trade. He said that India's exports of goods and services rose to $776 billion in 2022-23 from $500 billion two years ago. Some support also came with External Affairs Minister S Jaishankar’s statement that the year 2024 will continue to be turbulent for the world but India is well-positioned politically and economically to navigate the challenges, maintain its rising global role and its path of development.

All the sectorial indices ended in green. The top gainers from the F&O segment were Godrej Properties, Vodafone Idea and DLF. On the other hand, the top losers were PVR INOX, Navin Fluorine International and Apollo Tyres. In the index option segment, maximum OI continues to be seen in the 21900 - 22100 calls and 20900 - 21100 puts indicating this is the trading range expectation.

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