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Nifty ends 5-day losing streak on Monday

28 Oct 2024 Evaluate

Indian equity benchmark -- Nifty -- ended Monday’s trading session in a positive territory, on account of value buying. After making a cautious start, but soon index added some gains to trade higher, as traders took support with report stating that with the finance ministry seeking ‘justification’ for continuing the Interest Equalisation Scheme (IES) for exporters, the commerce department is exploring ways to revamp it to ensure the scheme meets the objectives outlined during its launch nine years ago. The scheme is currently set to expire on December 31. Some support also came as the income tax department has extended the deadline for filing income tax returns by corporates by 15 days till November 15 for assessment year 2024-25. 

In afternoon session, index traded near day’s high point, as sentiments remained upbeat with a private report stating that there has been a cumulative 74.2 per cent decline in income disparity coverage for those earning up to Rs 5 lakh annually between fiscal years 2013-14 and 2022-23. Sentiments were positive, as the Reserve Bank of India (RBI) in its latest survey on ‘International Trade in Banking Services, 2023-24’ has showed that Indian banks increased their overseas presence during 2023-24 both in terms of balance sheet size as well as in terms of number of branches and employees. Finally, index ended with gains of 158.35 points.

All the sectorial indices ended in Green. The top gainers from the F&O segment were Bandhan Bank, Vodafone Idea and Canara Bank. On the other hand, the top losers Dr. Reddy's Laboratories, Reliance Industries and Interglobe Aviation. In the index option segment, maximum OI continues to be seen in the 24900 - 25100 calls and 23900 - 24100 puts indicating this is the trading range expectation.

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