Extending gains for second straight session, Indian equity benchmark -- Nifty ended higher with gains of nearly a percent on Tuesday. Index made a positive start and extended its gains throughout the session, as ease in crude oil prices after signs of improving crude shipments from the Middle East and positive global cues. Sentiments remained upbeat after World Bank in its latest October economic update has raised India’s economic growth forecast to 7.1% for fiscal year 2026-27 (FY27) from 6.6% forecasted in April, supported by robust domestic demand and strong exports, despite global headwinds. Besides, HSBC's India Services Purchasing Managers' Index (PMI) rose to 55.2 from August's 54.1, but was below a preliminary estimate of 55.8. Meanwhile, the Reserve Bank of India (RBI) began its three-day Monetary Policy Committee (MPC) meeting on Monday, with policy decision due on Wednesday, amid rising inflation, crude oil prices. Finally, Nifty ended near 22,800 mark.
Most of the sectorial indices ended in green led by Chemicals, Pharma, and Oil & Gas stocks. The top gainers from the F&O segment were Trent, PG Electroplast and Motilal Oswal Financial Services. On the other hand, the top losers were Coal India, The Phoenix Mills and Bandhan Bank. In the index option segment, maximum OI continues to be seen in the 23400 - 23600 calls and 23400 - 23600 puts indicating this is the trading range expectation.
