Indian equity benchmark - Nifty concluded the Wednesday’s session above 26,000 mark for the first time following last hour recovery. After making negative start, market continued to trade below neutral line amid mixed Asian cues and foreign fund outflows. As per NSE data, Foreign Institutional Investors (FII) were net sellers of Indian equities worth Rs 2,784.14 crore. Investors paid no heed towards report that the Asian Development Bank (ADB) in its Asian Development Outlook (ADO) update of September retained India's growth forecast for the current fiscal at 7 per cent and said that the economy is expected to accelerate in the coming quarters on improved farm output, and higher Government spending. In afternoon session, index remained lower. Traders overlooked reports that India surpassed Japan to become the third-largest power in the Asia Power Index, reflecting its increasing geopolitical stature. This achievement is driven by India's dynamic growth, youthful population, and expanding economy, solidifying its position as a leading force in the region. However, in last leg of trade, market managed to recoup from losses as traders preferred to buy fundamentally strong stocks.
Traders were seen piling up positions in Metal, Bank and Media stocks, while selling was witnessed in Auto, FMCG and IT. The top gainers from the F&O segment were Tata Communication, Power Grid and Godrej Properties. On the other hand, the top Oracle Financial Services Software, IEX and Dabur India. In the index option segment, maximum OI continues to be seen in the 26900 - 27100 calls and 24900 - 25100 puts indicating this is the trading range expectation.
