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Nifty witnesses strong rally amid Donald Trump claimed victory

06 Nov 2024 Evaluate

Indian equity benchmark -- Nifty ended with gains of over a percent, led by rally in IT sector’s stocks after Donald Trump claimed win in the US Presidential election 2024. Besides, globally market participants were braced for U.S. Fed meeting due on tomorrow. Index made a positive start, as investors took some support with Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri stating that oil prices in India are expected to remain stable amid the rising geopolitical tensions as the country has several options to buy crude oil. Addressing concerns over potential supply chain disruptions, Puri emphasized that India has strategically positioned itself to manage such situations effectively, with access to a diverse range of crude oil suppliers. 

In afternoon session, index magnified its gains to trade higher, as sentiments were positive with India’s services sector activity gained traction in the month of October, aided by healthy customer demand domestically and from abroad. According to the survey report, the seasonally adjusted HSBC India Services PMI Business Activity Index rose to 58.5 in October from 57.7 in September. Further, the HSBC India Composite PMI Output Index -- which measures both manufacturing and services -- also surged to 59.1 in October as against 58.3 in September. In last hours of trade, index traded near day’s high point and ended above 24,450 mark.

All the sectorial indices ended in green. The top gainers from the F&O segment were Dixon Technologies (India), Gail (India) and Persistent Systems. On the other hand, the top losers ICICI Prudential Life Insurance Company, Max Financial Services and SBI Life Insurance Company. In the index option segment, maximum OI continues to be seen in the 24900 - 25100 calls and 22900 - 23100 puts indicating this is the trading range expectation.

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