Indian equity benchmark -- Nifty -- closed Monday’s session near day’s high level on account of buying in front line counters. IT sector performed well during the session. India VIX was up by 0.20%. Market made a cautious start, as government data showed growth of the eight core sectors in India slowed to 6.3 per cent on an annual basis in May, mildly down from 6.7 per cent registered in April. However, index managed to hold head in green and extended gains in afternoon session, as investors took support with report that growth in the Indian manufacturing sector recovered some of the ground lost in May, as the headline Purchasing Managers Index (PMI) figure released by HSBC rose to 58.3 in June from 57.5 in May. The recovery in the sector was based on the back of buoyant demand conditions that spurred the expansions in new orders, output and buying levels. Besides, the data released by the Controller General of Accounts (CGA) showed that a fiscal surplus of Rs 1.6 trillion in May due to the Reserve Bank of India’s (RBI’s) record dividend transfer narrowed the Centre’s fiscal deficit for the first two months of 2024-25 to Rs 0.5 trillion or 3 per cent of the full-year estimate. In late afternoon session, market scaled high level and ended with gains of over half a percent.
Traders were seen piling up positions in IT, Media and Financial Services. The top gainers from the F&O segment were Mahanagar Gas, Persistent Systems and Deepak Nitrite. On the other hand, the top losers India Cements, NTPC and Voltas. In the index option segment, maximum OI continues to be seen in the 24900 - 25100 calls and 21000 - 24000 puts indicating this is the trading range expectation.
