Nifty ended higher on Friday, driven by sharp buying in IT stocks. The index made a positive start, tracking firm cues from global markets after Nvidia’s upbeat result and optimistic outlook revived investors’ confidence in the AI sector, pushing tech stocks higher globally. Further, traders took support as S&P Global Ratings retained India’s sovereign rating at ‘BBB’ with a stable outlook, and said that the country is a dynamic and fast-growing economy supported by policy stability and high infrastructure investment. However, in afternoon session, the index trimmed most of its gains but continued to trade above the neutral line, as traders opted to remain on sidelines ahead of the release of India’s Index of Industrial Production (IIP) data for July later in the day. Towards the end of the session, the index extended its gains and ended above the 24,150 level.
Traders were seen piling up positions in IT, Metal and Pharma stocks, while selling was witnessed in Chemicals, Cement and Consumer Durables. The top gainers from the F&O segment were Ather Energy, Coforge and LTM. On the other hand, the top losers were Bharat Dynamics, Jubilant Foodworks and TVS Motor Company. In the index option segment, maximum OI continues to be seen in the 24900 - 25100 calls and 23900 - 24100 puts indicating this is the trading range expectation.
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