Nifty extends gaining momentum for fourth consecutive day

16 Feb 2024 Evaluate

Indian equity benchmark -- Nifty -- ended Friday’s trading session on higher note, led by healthy buying in AUTO, Reality and IT sectors. Index made an optimistic start and traded higher throughout the day, as traders took support with Commerce Secretary Sunil Barthwal’s statement that the negotiations for the proposed India-UK free trade agreement are at an advanced stage, and both sides are working to iron out differences on the remaining issues. Traders took note of a report by the Centre for Economics and Business Research (CEBR) stating that it has been a remarkable year for equities with the Nifty 50 rallying 22 percent in 2023 and the Sensex gaining 20 percent in the same period. Besides, it said India is currently a $3.7 trillion economy and is expected to grow to about $6 trillion by 2030 and $10 trillion by 2035. It also said as the Indian economy is poised for strong growth, and companies grow in size and scale, there is optimism that the capital markets will continue to boom over the next few years.

In afternoon session, index continued to trade on higher note, as sentiments remained upbeat after statutory body, Employees' State Insurance Corporation (ESIC) in its latest provisional payroll data has showed that 18.86 lakh new employees have been added in the month of December 2023. Around 23,347 new establishments have been registered and brought under the social security umbrella of the Employees’ State Insurance Scheme in the month of December 2023, thus ensuring coverage to more workers. Besides, the commerce ministry has said that the next round of negotiations between India and South American nation Peru for a free trade agreement (FTA) is expected to start in April 2024. The proposed agreement is aimed at promoting bilateral trade and investments between the two countries.

Most of the sectorial indices ended in green except PSU Bank and OIL & GAS stocks. The top gainers from the F&O segment were IPCA Laboratories, Glenmark Pharmaceuticals and Federal Bank. On the other hand, the top losers were Gujarat Gas, Aditya Birla Fashion and Retail and Power Grid Corporation of India. In the index option segment, maximum OI continues to be seen in the 22900 - 23100 calls and 20900 - 21100 puts indicating this is the trading range expectation.

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Nifty extends gaining momentum for fourth consecutive day

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