Indian equity benchmark -- Nifty -- ended Monday’s trading session with over a percent gains, driven by investors optimism after the BJP-led Mahayuti alliance won the Maharashtra elections. Index made an optimistic start and extended its gains, as traders took support with report stating that the Trade and Economic Partnership Agreement (TEPA), signed in March 2024 between India and the European Free Trade Association (EFTA) countries, is poised to unlock new opportunities for Indian exports and drive investments worth $100 billion.
In afternoon session, index came off from day’s high point, as traders were cautious with the latest data released by the Reserve Bank of India (RBI) showing that India’s foreign exchange (forex) reserves declined $17.76 billion, the sharpest weekly fall, to hit a four-month low of $657.8 billion for the week ended November 15. However, index held its notable gains and remained higher till end of the day, as traders were positive with Union Minister of State (Independent Charge) for Science and Technology; Earth Sciences and Minister of State for PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, Jitendra Singh’s statement that from being led, India is today in a position to lead others across the world and this is amply borne out by recent success stories accomplished under PM Narendra Modi including Space sector headway, Biotechnology Vaccine breakthroughs and CSIR Purple Revolution.
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