Indian equity benchmark -- Nifty -- ended Thursday’s tradingsession in green after the U.S. Federal Reserve decision to initiate itsmonetary easing cycle with a substantial 50-basis-point rate cut. Index made agap-up opening, amid foreign fund inflows. As per NSE data, ForeignInstitutional Investors (FII) were net buyers of Indian equities worth Rs1,153.69 crore. Sentiments got boost as net direct tax collection grew 16.12per cent to over Rs 9.95 trillion so far this fiscal on higher advance tax mopup. Refunds worth over Rs 2.05 trillion were issued, a 56.49 per cent jump overthe same period last fiscal. Traders took encouragement as Commerce and IndustryMinister Piyush Goyal expressed optimism that India's merchandise and servicesexports will surpass $825 billion despite facing global economic challenges.
Index slipped from day’s high point but continued to tradein green, as investors took some support after Finance Minister NirmalaSitharaman’s statement that India is standing out globally in terms of economicgrowth and will continue to do so in the next few years. Traders got relief,amid reports that food secretary Sanjeev Chopra said that prices of majoragricultural commodities such as wheat, rice, edible oil and sugar will not seea sharp increase in this festive season, and added that the government willpartially restore the distribution of 3.5 million tonnes of wheat under thePradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) which it had replaced withrice in the past two years due to lower production. Finally, index ended withgains of 38.25 points and settled above 25400 level.
Traders were seen piling up positions in FMCG, Private Bank and Bank stocks, while selling was witnessed in Media, Oil & Gas and PSU Bank. The top gainers from the F&O segment were United Breweries, AU Small Finance Bank and Jubilant Foodworks. On the other hand, the top Vodafone Idea, Indus Towers and Chambal Fertilisers and Chemicals. 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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