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Nifty ends with minor gains ahead of Q3 results

11 Jan 2024 Evaluate

Indian equity benchmark -- Nifty -- ended Thursday’s trading session in positive terrain on weekly F&O expiry, ahead of Q3 results. Index made an optimistic start, as traders took support with Finance Minister Nirmala Sitharaman’s statement that India will become the third largest economy by 2027-28, with a GDP of over $5 trillion. Adding more optimism, a PHDCCI report noted that India's economy is likely to surpass $4 trillion in 2024-25 and further escalate to $5 trillion by 2026-27. The industry chamber also expects the RBI to cut the repo rate by 100 basis points in a calibrated manner by the end of 2024.

In afternoon session, index continued to trade on higher note, as sentiments got a boost after State Bank of India chairman Dinesh Kumar Khara termed the 7.3 per cent growth estimate for the country for FY24 as a very positive development. Traders took note of Foreign Secretary Vinay Kwatra’s statement that India and the United Arab Emirates have signed a deal to explore the establishment of grid connectivity between the two countries. He said one of the pacts is on renewable energy, which also includes green hydrogen and solar. However, in last hours of trade, index erased all of its intraday gains but suddenly recovered and ended with marginal gains.

Traders were seen piling up positions in Oil & Gas, Consumer Durables and Auto stocks, while selling was witnessed in Media, IT and FMCG. The top gainers from the F&O segment were Shriram Finance, Gujarat Gas and Mahanagar Gas. On the other hand, the top losers were Polycab India, Zee Entertainment Enterprises and Petronet LNG. 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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