Indian equity benchmark -- Nifty -- ended slightly higher on Monday ahead of US Fed policy on September 18. Index made positive start, as traders took some support amid Foreign fund inflows. Foreign Portfolio Investors (FPIs) continued their bullish stance on Indian stocks, infusing Rs 16,881.03 crore in the second week of September, according to data from the National Securities Depository (NSDL). Some support also came as India’s foreign exchange reserves have been rising for months now, hitting several all-time highs. The forex kitty increased by $66 billion so far this year and is currently at $689.235 billion. Besides, according to the payroll data, Employees’ State Insurance Corporation (ESIC) recorded a 13.32 per cent increase in subscribers addition to 22.53 lakh in July, 2024 compared to the figure of a year ago.
In afternoon session, index trimmed most of its gains to trade near neutral line, as investors were cautious with the think tank Global Trade Research Initiative (GTRI) stating that India needs to increase container production, promote the use of domestic containers, strengthen domestic shipping firms and enhance port infrastructure as higher freight costs, container shortage and dependence on major shipping hubs and foreign carriers pose serious challenges to the country’s exports. However, index regained traction and ended on higher note.
Traders were seen piling up positions in Media, Metal and Realty stocks, while selling was witnessed in FMCG, IT and Pharma. The top gainers from the F&O segment were Dixon Technologies (India), Multi Commodity Exchange of India and National Aluminium Company. On the other hand, the top losers LIC Housing Finance, Birlasoft and Godrej Properties. 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.
