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Nifty regains 25000 marks on Tuesday

10 Sep 2024 Evaluate

Indian equity benchmark -- Nifty – ended Tuesday’s trading session in green territory. After making positive start, soon index turned negative ahead of the India’s Consumer Price Index (CPI) inflation and Index of Industrial Production (IIP) data to be out later in the week. However, market wiped out its losses to trade higher in late morning session as traders took some support with private report stating that Indian consumer inflation probably held below the Reserve Bank of India's 4.0 per cent medium-term target for a second month in August thanks to a moderation in food price rises due to last year's high base. Traders took note of Union Minister of State for Ministry of Commerce and Industry Jitin Prasada’s statement that India is revising FTAs with South Korea, Malaysia and various other ASEAN countries to benefit the domestic industries. He also emphasised the importance of boosting exports, reducing import dependence and ensuring growth.

In afternoon session, index extended its gains to trade near day’s high point, as sentiments were upbeat after the Goods and Services Tax (GST) Council in its 54th meeting has made various recommendations relating to changes in GST tax rates, measures for facilitation of trade and measures for streamlining compliances in GST. The GST rate on cancer drugs namely, Trastuzumab Deruxtecan, Osimertinib and Durvalumab is reduced from 12% to 5%. In last leg of trade, Index came off from day’s high point, but ended with gains of 104.70 points.

Most of the sectorial indices ended in green except Financial Services, Oil & Gas and PSU Bank stocks. The top gainers from the F&O segment were Tata Power Company, Divi's Laboratories and Coforge. On the other hand, the top losers HDFC Life Insurance Company, Vedanta and ICICI Lombard General Insurance Company. In the index option segment, maximum OI continues to be seen in the 25900 - 26100 calls and 24900 - 25100 puts indicating this is the trading range expectation.

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