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Nifty extends gains for third consecutive day

22 Mar 2024 Evaluate

Indian equity benchmark -- Nifty -- ended Friday’s trading session in positive terrain with minor gains amid value buying by investors. Index made a negative start, amid foreign fund outflows. Provisional data from the NSE showed that foreign institutional investors (FIIs) net sold shares worth Rs 1,826.97 crore on March 21. But soon, index erased all of its losses and turned positive, as traders took some support with Amitabh Kant, former chief executive officer of NITI Aayog and India’s G20 Sherpa stating that India must aim to accelerate its pace of growth to 9-10 per cent over a three-decade period. Kant emphasised India's potential to outpace Japan and Germany, projecting it to become the world's third-largest economy by 2027. Index continued to trade on higher note in noon deals, as market participants got support after a survey conducted by industry body FICCI and banking association Indian Banks’ Association (IBA) has showed that the health of the Indian banking sector continues to improve with better asset quality and high credit growth. The eighteenth round of the survey was carried out for the period July to December 2023. In last leg of trade, index trimmed some of its gains, but ended above its neutral line.

Most of the sectorial indices ended in green except IT stock. The top gainers from the F&O segment were Indus Towers, Vodafone Idea and Hero Motocorp. On the other hand, the top losers LTIMindtree, Infosys and Coforge. In the index option segment, maximum OI continues to be seen in the 22900 - 23100 calls and 21900 - 22100 puts indicating this is the trading range expectation.

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