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  3. Nifty ends higher on Friday

Nifty ends higher on Friday

02 Feb 2024 Evaluate

Indian equity benchmark -- Nifty -- ended with gains of over half a percent. India VIX was up by 1.67%. Market made an optimistic start and traded higher as fall in the 10-year US Treasury bond yield and overnight sharp fall in crude oil prices boosted investors’ sentiments. Some support also came as the government's gross tax revenue is projected to grow 11.46 per cent to Rs 38.31 trillion in the next fiscal (FY25), buoyed by 11.6 per cent growth in Goods and Services Tax (GST) collections. GST collection in 2024-25 is estimated to rise to Rs 10.68 trillion, an increase of Rs 1.1 trillion or 11.6 per cent. Meanwhile, Commerce and Industry Minister Piyush Goyal said India has sustained its export growth notwithstanding the global challenges emerging due to issues like the Israel-Hamas war and the Budget has laid out a strong foundation to push the economic growth. 

In afternoon session, index reached at new high level, as investors continued to hunt for fundamentally strong stocks. Sentiments remained upbeat with Managing Director of International Monetary Fund (IMF) Kristalina Georgieva’s statement that the economic success of India is grounded in the pursuit of reforms over the last years and exuded confidence that it would achieve its goal of being a developed nation by 2047 by staying the course. However, market came off from new high level in late afternoon session but continued its green trend. Traders took note of report that Fitch Ratings said the slightly faster pace of fiscal deficit reduction does not significantly change India's sovereign credit profile but the government's emphasis on deficit reduction will help to stabilise the debt-to-GDP ratio over the medium term.  

Most of the sectorial indices ended in green except Bank, FMCG and Financial services. The top gainers from the F&O segment were BPCL, Indian Oil Corporation and Abbott India. On the other hand, the top losers were City Union Bank, Shree Cement and Eicher Motors. 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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