Indian equity benchmark -- Nifty -- ended sharply higher on Monday amid sharp rally in Reliance Industries (RIL) after better-than-expected Q4 numbers. Nifty made an optimistic start supported by positive cues from other Asian markets and consistent foreign institutional investor (FII) buying. As per exchange data, FIIs were net buyers in equity segment with net buying of Rs 5425.58 crore on Friday. Soon, index gained traction as market participants took some support with Reserve Bank of India’s (RBI) data showing that India's foreign exchange reserves rose $8.310 billion to $686.145 billion in the week that ended on April 18, extending gains for the seventh straight week. Sentiments remained upbeat as Engineering Exports Promotion Council (EEPC) stated that engineering goods exports from India reached its all-time high of $116.67 billion in fiscal 2024-25, surpassing the previous high of $112.10 billion achieved in fiscal 2021-22. The value of total engineering exports stood at $109.30 billion in 2023-24. Index continued its northward journey till the end of day and closed above 24,300 mark.
Most of the sectorial indices ended in green except IT stocks. The top gainers from the F&O segment were RBL Bank, Hindustan Aeronautics and Reliance Industries. On the other hand, the top losers were Shriram Finance, L&T Finance and Syngene International. In the index option segment, maximum OI continues to be seen in the 24400 - 25600 calls and 23900 - 24100 puts indicating this is the trading range expectation.
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