Nifty ends in negative terrain ahead of US inflation data

12 Jul 2023 Evaluate

Indian equity benchmark -- Nifty -- ended Wednesday’s trading session on a lower note, as traders cautiously awaited US consumer price inflation data due later in the day that is likely to have a significant impact on the outlook for interest rates. Index made a positive start, as support came in with foreign fund inflows. Provisional data from the National Stock Exchange (NSE) showed that foreign institutional investors (FII) bought shares worth Rs 1,197.38 crore on July 11. But soon, index turned volatile, as some concerns came with a private report that spiraling prices of tomato, onion and pulses are emerging as new risks for India’s retail inflation, reaffirming expectations of a hawkish hold from the central bank for the rest of the year. After moderating for four months, consumer price inflation probably accelerated to 4.6% in June. Meanwhile, RBI Deputy Governor T Rabi Sankar has said the RBI is aiming to increase the number of Central Bank Digital Currency (CBDC) to 10 lakh per day by the end of 2023.

In last leg of trade, index slipped into a deep red and ended with losses of 55.10 points, as investors were cautious with a private report stating that unprecedented rains and floods in the northern region in the past few days have not only caused extensive damage to lives and property but have also impacted business and commercial establishments. Vegetable prices have gone through the roof in the national capital and many other parts of the country since rains started pouring earlier this month. Sentiments were downbeat amid a private report stating that deal making by India Inc has suffered severely due to economic challenges in the first half of this year. There were only 676 deals with an underlying value of USD 23 billion in the January-June 2023 period, 78 per cent down in value terms and a fall of 42 per cent in terms of volume.

Traders were seen piling up positions in PSU Bank, Media and Pharma, while selling was witnessed in IT, Private Bank, and Bank. The top gainers from the F&O segment were Astral, NMDC and Piramal Enterprises. On the other hand, the top losers were Delta Corp, LTIMindtree and Dr. Lal PathLabs. In the index option segment, maximum OI continues to be seen in the 19400 - 19600 calls and 18900 - 19100 puts indicating this is the trading range expectation.

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