Nifty ends on higher note on Thursday

02 May 2024 Evaluate

Indian equity benchmark -- Nifty -- ended Thursday’s trading session in positive terrain with marginal gains, as market participants continued to monitor Q4FY24 earnings. After making a negative start, soon index turned positive and traded on higher note, as sentiments were positive with a private survey showing that growth in India's manufacturing sector slowed marginally in April but remained robust thanks to strong demand, prompting firms to ramp up purchases of raw materials at a near-record pace. The HSBC final India Manufacturing Purchasing Managers' Index, compiled by S&P Global, dipped to 58.8 in April from a 16-year high of 59.1 in March, below a preliminary estimate for no change from the previous month. Despite softening, it was above its long-run average and in expansionary territory for a 34th month. The 50-mark separates growth from contraction.

In afternoon session, index traded near day’s high point, as sentiments were positive after the India's Goods and Services Tax (GST) collections in gross terms hit a record high in April 2024 at Rs 2.1 lakh crore. The government had collected Rs 1.87 lakh crore as GST in the same period last year. Adding more optimism, Finance Minister Nirmala Sitharaman said GST collection breached the Rs 2 lakh crore milestone on the back of strong economic momentum and efficient tax realisation. The street overlooked reports that the Reserve Bank of India will likely delay cutting interest rates until the final quarter of the year, as inflation risks rise and the US Federal Reserve keeps rates on hold for longer. In last leg of trade, index trimmed some of its gains, but ended above its neutral line.

Traders were seen piling up positions in Auto, Metal and Pharma, while selling was witnessed in Media, Bank and PSU Bank. The top gainers from the F&O segment were Cholamandalam Investment and Finance Company, REC and IndiaMART InterMESH. On the other hand, the top losers Godrej Properties, Kotak Mahindra Bank and Ramco Cements. In the index option segment, maximum OI continues to be seen in the 23400 - 23600 calls and 21900 - 22100 puts indicating this is the trading range expectation.

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Nifty ends on higher note on Thursday

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