Indian equity benchmark -- Nifty -- concluded with minor gains in range bound session amid weekly F&O expiry. Index made a positive start tracking overnight gains on Wall Street. Investors got support as Commerce & Industry Minister Piyush Goyal said India and Africa should target doubling two-way trade to $200 billion in seven years and try to include more African countries in the partnership so that its full potential is reached. Markets traded in green during late morning session, as sentiments were positive with the latest HSBC Flash India PMI (Purchasing Manager’s Index) report showing that India's business activity extended its robust growth streak in August as a stronger services industry offset a slight slowing in manufacturing expansion. It also indicated price pressures also were easing. Those findings suggest India will hold on to its title of fastest-growing major economy over coming quarters despite expectations of a slowdown in the global economy. The report showed that the Composite PMI Output Index recorded an impressive 60.5, marking the 37th consecutive month of expansion.
Index maintained its gains in afternoon session. Some comfort came amid a private report stating that the government has set up an inter-ministerial group to firm up the contours of the credit guarantee scheme for micro, small and medium enterprises (MSMEs) announced in the budget. The MSME ministry will move the scheme for the expenditure finance committee's approval after consultations with stakeholders. Finally, Nifty ended above the psychological 24,800 level.
