Nifty settles at fresh record closing high

18 Jun 2024 Evaluate

Indian equity benchmark -- Nifty -- ended Tuesday’s trading session near day’s high point, led by gains in IT and financial stocks. Index made a positive start, as sentiments were positive after President of the Confederation of Indian Industry (CII) stating that within a few years, India will undoubtedly be among the world’s top three economies. Some support also came in as India's foreign exchange reserves jumped $4.307 billion to touch a new lifetime high of $655.817 billion during the week that ended June 7, data from the Reserve Bank of India (RBI) showed. The reserves have been rising on and off for a long time now. So far in 2024, they have risen over $30 billion, on a cumulative basis. Besides, foreign fund inflows also aided domestic sentiments. Foreign institutional investors (FIIs) were net buyers of stocks worth Rs 2,175.86 crore on June 14.

In afternoon session, index continued to trade on higher note, as traders got support after Fitch Ratings raised India's growth forecast for current fiscal to 7.2 per cent, from 7 per cent projected in March, citing a recovery in consumer spending and increased investment. For the fiscal years 2025-26 and 2026-27, Fitch projected growth rates of 6.5 per cent and 6.2 per cent, respectively. Sentiments remained upbeat as India and the US have agreed to closer engagement and cooperation on supply chain, semiconductors and critical minerals during the meeting of the India-US initiative on Critical and Emerging Technology (iCET), led by Indian National Security Adviser Ajit Doval and his US counterpart Jake Sullivan in New Delhi. Finally, index ended at fresh record closing high and settled above 23550 mark.

Traders were seen piling up positions in Realty, Consumer Durables and Private Bank, while selling was witnessed in Media, Healthcare and Pharma. The top gainers from the F&O segment were Can Fin Homes, Hindustan Aeronautics and IDFC. On the other hand, the top losers Zydus Lifesciences, Zee Entertainment Enterprises and Maruti Suzuki India In the index option segment, maximum OI continues to be seen in the 22900 - 24100 calls and 22400 - 22600 puts indicating this is the trading range expectation.

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