Indian equity benchmark -- Nifty -- ended Monday’s trading session in negative terrain, dragged by selling in Bank and Media stocks. After making decent start, soon index slipped into red terrain, as investors were cautious with a private report warning that with the delayed monsoon, there is no scope for complacency on inflation even though official data for May has shown a cool-off. It expects the average Consumer Price Inflation (CPI) for FY24 to come to 5.2 per cent against the 5.1 per cent estimate of the Reserve Bank of India. Some concern also came with the Reserve Bank of India’s statement that India’s forex reserves dropped by $1.318 billion to $593.749 billion for the week ended June 9.
In afternoon session, index extended its losses and traded in deep red, as sentiments remained downbeat even after Finance Ministry stating that net direct tax collection till June 17 this fiscal rose by 11.18 per cent to Rs 3.80 lakh crore on higher advance tax mop up. The Advance Tax collections for the April-June quarter of 2023-24 stood at Rs 1,16,776 crore as of June 17, reflecting a growth of 13.70 per cent over the same period last fiscal. Finally, index came off day’s low point and ended with losses of 70.55 points.
Traders were seen piling up positions in PSU Bank, IT and Healthcare Index, while selling was witnessed in Media, Private Bank and Realty. The top gainers from the F&O segment were Jindal Steel and Power, Shriram Finance and Dr. Lal PathLabs. On the other hand, the top losers were Adani Enterprises, Vodafone Idea and Tata Communications. In the index option segment, maximum OI continues to be seen in the 18900 - 19100 calls and 17900 - 18100 puts indicating this is the trading range expectation.
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: