Nifty starts FY25 on strong note; settles above 22450 mark

01 Apr 2024 Evaluate

Indian equity benchmark -- Nifty -- finished first day of new financial year 2024-25 in positive terrain amid value buying. Index made an optimistic start and touched all time high point, as traders took some support with Finance Minister Nirmala Sitharaman’s statement that India's gross domestic product (GDP) is on track to grow by 8 percent or more in the quarter ended March 31. Traders got encouragement as growth in output of the eight key infrastructure sectors - known as the core sector - rose to a three-month high of 6.7 per cent year-on-year (Y-o-Y) in February from 4.1 per cent in January. Some support also came with provisional data from the NSE showing that foreign institutional investors (FIIs) net bought shares worth Rs 188.31 crore on March 28.

In afternoon session, index continued to trade on higher note and remained higher till the end, as sentiments remained upbeat with Governor of the Reserve Bank of India (RBI) Shaktikanta Das’ statement that RBI's endeavour is to promote a financial sector which is robust, resilient and future ready. Adding more relief among traders, Government e Marketplace (GeM) has closed the financial year FY24 with Rs 4 lakh crore in Gross Merchandise value (GMV). This testifies to the portal’s unique digital capabilities and functionalities that have facilitated greater efficiency, transparency, and seamlessness in public procurement.

Most of the sectorial indices ended in green except Auto and FMCG stock. The top gainers from the F&O segment were Hindustan Copper, Indus Towers and Multi Commodity Exchange of India. On the other hand, the top losers Godrej Consumer Products, Eicher Motors and Titan Company. In the index option segment, maximum OI continues to be seen in the 22400 - 23600 calls and 21900 - 22100 puts indicating this is the trading range expectation.