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Last hour buying helps Nifty to end higher

10 Jan 2024 Evaluate

Indian equity benchmark -- Nifty -- ended the volatile session with moderate gains on Wednesday, ahead of key economic indicators like retail inflation and factory production data. Index made a cautious start and traded volatile for most of the part, amid foreign fund outflows. Provisional data from the NSE showed that foreign institutional investors (FIIs) sold shares worth Rs 990.90 crore on January 9. Traders were concerned with a private report that India's retail inflation likely edged up in December on higher food prices but stayed within the Reserve Bank of India's target range for a fourth consecutive month.

In last leg of trade, index turned positive and extended its gains to end near day’s high point, as traders were optimistic with Prime Minister Narendra Modi’s statement that all major rating agencies are of the opinion that India will be among three largest economies in the world in next few years. Some support came with a private report stating that the IPO and deal-making activities are likely to be brisk this year and may even surpass the record set in 2021 with around USD 50 billion funds being raised across equity issuances and deals.

Most of the sectorial indices ended in green except FMCG, PSU Bank and Realty stocks. The top gainers from the F&O segment were Adani Enterprises, Cipla and Birlasoft. On the other hand, the top losers were Manappuram Finance, NMDC and Indraprastha Gas. 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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