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Nifty extends gains to reclaim 22,400 mark

24 Apr 2024 Evaluate

Indian equity benchmark -- Nifty -- ended Wednesday’s trading session in positive terrain,  amid positive cues from Asian counterparts, as data showing a slowdown in U.S. manufacturing activity in the month of April raised hopes the US Fed will start thinking of cutting interest rates soon. After making decent start, index extended its gains to trade near day’s high point, as traders took support with a private report stating that India's GDP growth is likely to average 7% from 2024-25 to 2029-30. Also, traders took note of an article in the Reserve Bank of India's (RBI) monthly bulletin released that to achieve its developmental goals over the next three decades, the Indian economy must grow at a rate of 8-10 per annum over the next decade to reap the demographic dividend that started accruing from 2018 and, as calculations show, will last till 2055. In afternoon session, index continued to trade on higher note, as sentiments were positive with report stating that the government is formulating action plans for as many as 20 agricultural products including banana, mangoes, potato and baby corn with a view to further boost export of these commodities. In last leg of trade, index trimmed some of its gains and ended above its neutral line with gains of 34.40 points.

Traders were seen piling up positions in Metal, Healthcare and Pharma, while selling was witnessed in IT, Media and PSU Bank. The top gainers from the F&O segment were United Breweries, Steel Authority of India and Chambal Fertilisers and Chemicals. On the other hand, the top losers Vodafone Idea, Tata Consumer Products and Multi Commodity Exchange of India. In the index option segment, maximum OI continues to be seen in the 22400 - 22600 calls and 21900 - 22100 puts indicating this is the trading range expectation.

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