Last hour buying helps Nifty to hit fresh record closing high

22 Feb 2024 Evaluate

Erasing all its intraday losses, Indian equity benchmark -- Nifty -- ended Thursday’s trading session near day’s high point, on weekly F&O expiry. After making slightly positive start, soon index turned volatile and entered into red terrain, as sentiments were down-beat with credit rating agency ICRA’s statement that India's Gross Domestic Product (GDP) growth is projected to moderate sequentially to 6 per cent year-on-year (YoY) in the third quarter of FY24 as against 7.6 per cent in Q2. Traders overlooked a private survey showing that Indian business activity expanded at its fastest pace in seven months in February as demand remained strong for both manufacturing and services. HSBC's flash India Composite Purchasing Managers' Index (PMI), compiled by S&P Global, rose to 61.5 this month from January's final reading of 61.2, staying above the 50-mark that separates expansion from contraction for a 31st straight month.

In afternoon session, index continued to trade on a lower note, as market participants remained cautious after minutes from the Federal Reserve's January 30-31 meeting revealed most officials remain wary of cutting interest rates too quickly, fearing progress on inflation could stall out. Besides, sentiments were also weak as a research report by CRISIL Market Intelligence and Analytics showed that financial conditions have tightened the economy with liquidity going into a deeper deficit putting upward pressure on short-term rates. However, in late hours of trade, buying got intensified which helped index to end the session at all-time closing high as investors hunt for fundamentally strong stocks.

Most of the sectorial indices ended in green except Bank, Financial Services and Private Bank stocks. The top gainers from the F&O segment were ABB India, Hindustan Copper and Vodafone Idea. On the other hand, the top losers Indusind Bank, HDFC Bank and Indian Oil Corporation. 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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Last hour buying helps Nifty to hit fresh record closing high

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