Indian equity benchmark -- Nifty -- ended sharply higher amid ease in Israel-Iran tension and following Federal Reserve Chair Jerome Powell’s testimony hinting at two policy interest rate cuts by the end of 2025. Index extended previous session gains with a gap-up start followed by firm cues from other Asian markets. Index continued its firm trade in green terrain. Some optimism came from Finance Minister Nirmala Sitharaman said that negotiations for the proposed free trade agreements with the US and European Union (EU) progressing at a fast pace and would be concluded soon. Traders also took support with Union Commerce and Industry Minister Piyush Goyal’s statement that India is firmly on track to become a $5 trillion economy by 2027 despite global turbulence, driven by a collective national effort and strong leadership under Prime Minister Narendra Modi. In afternoon session, index intensified its jubilant trade to touch intraday high and closed above 25,200 mark.
Most of the sectorial indices ended in green except Private Bank stocks. The top gainers from the F&O segment were Multi Commodity Exchange of India, Birlasoft, and HFCL. On the other hand, the top losers were Angel One, Mazagon Dock Shipbuilders and Bharat Electronics. In the index option segment, maximum OI continues to be seen in the 25900 - 26100 calls and 25100 - 25300 puts indicating this is the trading range expectation.
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