Buying in IT pack takes Nifty above 24,500 mark

12 Jul 2024 Evaluate

After witnessing some consolidation in previous session, Indian equity benchmark -- Nifty -- ended Friday’s trading session at fresh record closing high, supported by a strong rally in IT stocks after Tata Consultancy Services (TCS) beating revenue estimates for the June quarter. Index made an optimistic start, as traders took support with Government e Marketplace (GeM) CEO Prashant Kumar Singh’s statement that the government's GeM portal has clocked a gross merchandise value of Rs 1,24,761 lakh crore at the end of first quarter (Q1FY25), representing a quarter-on-quarter growth of 136 per cent over last year's Rs 52,670 crore. He said that going by this pace, it will become the world's largest platform. South Korea's KONEPS is the largest such platform in the world.

In afternoon session, index extended its gains to touch all time high point, as sentiments remained optimistic after the International Monetary Fund (IMF) reiterated that it expects the Federal Reserve to begin cutting interest rates later this year. Traders overlooked the Reserve Bank of India (RBI) Governor, Shaktikanta Das’ statement that it was too early to talk about a cut in policy rates given the uncertain global economic environment and a persistently high home consumer inflation, which has trended above the central bank's legally mandated target. Finally, index ended at record closing high and surpassed 24500 mark, as traders took some support after inflation in the United States cooled in June for a third straight month, a sign that the worst price spike in four decades is steadily fading and may soon usher in interest rate cuts by the Federal Reserve.

Traders were seen piling up positions in IT, Media and Oil & Gas stocks, while selling was witnessed in Realty, Consumer Durables and PSU Bank. The top gainers from the F&O segment were Coforge, Tata Consultancy Services and Manappuram Finance. On the other hand, the top losers Indian Oil Corporation, ABB India and M Vodafone Idea. In the index option segment, maximum OI continues to be seen in the 24900 - 25100 calls and 23400 - 23600 puts indicating this is the trading range expectation.

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Buying in IT pack takes Nifty above 24,500 mark

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