Indian equity benchmark -- Nifty -- ended Tuesday’s trading session in a negative terrain, ahead of Federal Reserve policy meeting due on tomorrow. Index made a decent start, amid foreign fund inflows. Foreign institutional investors (FIIs) net bought shares worth Rs 169.09 crore on April 29, provisional data from the NSE showed. Sentiments got boost as the National Council of Applied Economic Research (NCAER) in its monthly economic review said that the Indian economy could grow faster than 7% in this financial year. Traders took note of report that Finance Minister Nirmala Sitharaman underscored the need for a stable government to achieve the goal of becoming Viksit Bharat by 2047.
In afternoon session, index extended its gains to touch all time high point, as sentiments remained optimistic amid a private report stating that India's services exports will increase to $800 billion by 2030 from $340 billion in 2023, making the external sector resilient to supply-side shocks and reducing rupee volatility. It said India's foreign trade policy announced last year targeted $1 trillion of service exports by 2030. Traders ignored the report that ICRA said India's net oil import bill could widen to $101-104 billion in current fiscal from $96.1 billion in 2023-24 and any escalation in the Iran-Israel conflict could impart an upward pressure on the value of imports. However, in last leg of trade, index cut all of its intraday gains to end lower.
