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Last hour buying helps Nifty end near day’s high point

22 Jan 2025 Evaluate

Indian equity benchmark -- Nifty -- bounced back to end near day’s high point on Wednesday’s trading session, supported by rally in IT sector's stocks and positive result from HDFC Bank. Index made a positive start, as some support came in with a private projecting India's GDP to grow at 6.5-6.8 per cent in the current fiscal and said India will have to adapt to the evolving global landscape and harness its domestic strengths to drive sustainable growth. In afternoon session, index trimmed most of its gains to trade near neutral line, as traders were cautious after foreign institutional investors (FIIs) and foreign portfolio investors (FPIs) net sold stocks worth Rs 5,920.28 crore in the secondary markets on January 21.

In late afternoon session, index traded in green territory and extended its gains to end higher, as traders got some relief after the Retirement fund body, Employees' Provident Fund Organisation (EPFO) in its latest ‘Provisional payroll data’ report has showed that 14.63 lakh net members have been added in the month of November 2024, an increase of 9.07% as compared to the previous month of October 2024. Further, on the year on year basis, there was a growth of 4.88% in net member additions compared to November 2023.

Traders were seen piling up positions in IT, Pharma and Healthcare stocks, while selling was witnessed in Realty, Media and PSU Bank. The top gainers from the F&O segment were Wipro, Multi Commodity Exchange of India and Infosys. On the other hand, the top losers were IndiaMART InterMESH, Polycab India and Macrotech Developers. In the index option segment, maximum OI continues to be seen in the 23900 - 24100 calls and 22900 - 23100 puts indicating this is the trading range expectation.

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