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Nifty ends flat with negative bias on weakly expiry

11 May 2023 Evaluate

After highly volatile session, Indian equity benchmark -- Nifty -- ended Wednesday’s trading session on flat note. After making a positive start, soon index slipped into red terrain, as traders restrained from taking any long position ahead of upcoming macro-economic data. However, index made a recovery in late morning session, as investors took some support with Industry body PHDCCI’s statement that enhanced competitiveness of the Indian economy will attract more investments and create new employment opportunities for the growing young population in the country. Traders took note of private report that India has set a deadline of 2035 to establish green hydrogen bunkering and refuelling facilities at major ports in the drive to cut its carbon footprint.

In afternoon session, index unable to hold its gains and traded on flat note, as traders paid no heed towards Union MSME minister Narayan Rane has urged the global and domestic industries to continue to invest in India, which is on its path to become the third largest economy. He said immense business opportunities are available in various sectors in India and promised full support to investors looking to invest in the country. Finally, index ended with minor losses.

Most of the sectorial indices ended in green except Pharma, Healthcare Index and Metal. The top gainers from the F&O segment were Gujarat Gas, Vodafone Idea and Adani Enterprises. On the other hand, the top losers were Dr Reddy's Laboratories, Larsen & Toubro and Aditya Birla Capital. In the index option segment, maximum OI continues to be seen in the 18400 -18600 calls and 17900 -18100 puts indicating this is the trading range expectation.

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