Indian equity benchmark -- Nifty -- ended Monday’s trading session near all-time high point on account of buying in front line counters. Sentiments were positive as Federal Reserve Chair Jerome Powell's dovish commentary at the Jackson Hole, which hinted at a likely rate cut in September. Index made an optimistic start, as traders took support with the latest data from the Reserve Bank of India showing that India’s foreign exchange reserves rose by $4.54 billion to $674.66 billion in the week ended August 16. The total reserves increased on the back of a rise in foreign currency assets, which grew by $3.6 billion during the week. In the week ended August 9, the reserves had decreased by $4.8 billion to $670.119 billion after hitting an all-time high of $674.91 billion in the week ended August 2.
In afternoon session, index extended its gains to trade near day’s high point, as sentiments remained upbeat with Union Commerce and Industry Minister, Piyush Goyal’s statement that an MSME should not be looked upon as merely a small enterprise, its thinking should not be small or negative since MSMEs are a big force, they are successful, they are the strength of the nation, are giving employment to millions of countrymen and contribute to nation building. Finally, index ended higher with gains of 187.45 point.
Most of the sectorial indices ended in green except PSU Bank and Media stocks. The top gainers from the F&O segment were National Aluminium Company, Birlasoft and Steel Authority of India. On the other hand, the top losers Zydus Lifesciences, Apollo Hospitals Enterprise and ICICI Prudential Life Insurance Company. In the index option segment, maximum OI continues to be seen in the 25900 - 26100 calls and 23900 - 24100 puts indicating this is the trading range expectation.
