Indian equity benchmark -- Nifty -- ended Wednesday’s trading session near day’s high point, ahead of June F&O expiry. Soon, after making a cautious start, index entered into a positive terrain, as traders got some support with Reserve Bank of India (RBI) Governor Shaktikanta Das’ statement that India is at the threshold of a major structural shift in its growth trajectory. He added that India is moving ahead towards 8 per cent GDP growth in a sustained manner, adding that the average growth India recorded in the last three years is 8.3 per cent. Traders also took a note of Reserve Bank of India’s data stated that India’s financial position with the rest of the world improved over the year. The country increased its overseas assets more than it increased its foreign liabilities, largely due to a rise in reserve assets. During the financial year 2023-24, the net claims of non-residents on India decreased by $5.5 billion.
Index extended gains in noon deals to hit fresh record highs as sentiments were positive with the Textiles Minister Giriraj Singh’s statement that the government has approved over Rs 10,000 crore production linked incentive (PLI) scheme for textiles and now considering to extend it to the garments sector with a view to boosting domestic manufacturing and exports. He also said that huge opportunities are there to increase exports and the industry should target $50 billion worth of shipments in the coming years. Finally, Index ended at fresh record closing high and settled above 23850 mark.
Traders were seen piling up positions in Media, Oil & Gas and Private Bank, while selling was witnessed in Metal, Realty and Auto. The top gainers from the F&O segment were India Cements, Vodafone Idea and Biocon. On the other hand, the top losers Multi Commodity Exchange of India, NMDC and Vedanta. In the index option segment, maximum OI continues to be seen in the 23900 - 24100 calls and 22900 - 23100 puts indicating this is the trading range expectation.
