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  3. Nifty ends with minor losses on Tuesday

Nifty ends with minor losses on Tuesday

01 Aug 2023 Evaluate

Indian equity benchmark -- Nifty -- ended Tuesday’s trading session on lower note dragged by losses in Power Grid Corporation of India, Hero Motocorp and Apollo Hospitals Enterprise stocks. Index made a positive start, as some support came with a private report stating that the pace of credit offtake continued to be robust in June 2023, with sectors clocking year-on year (YoY) growth of between 8.1 per cent and 26.7 per cent. Traders took note of report that India is expected to receive normal rainfall in the August-September period after excess precipitation in July.

But soon, index slipped into red terrain, as sentiments were downbeat with a labour ministry’s statement that retail inflation for industrial workers inched up to 5.57 per cent in June 2023 as compared to 4.42 per cent in May this year, mainly due to higher prices of certain food items. Similarly, food inflation stood at 6 per cent against 3.24 per cent in the previous month and 6.73 per cent during the corresponding month a year ago.

However, index turned volatile in afternoon session. Traders got cautious with the private business survey showing that growth in India’s manufacturing activity eased in July for a second month, with some moderation in output and new orders, although the pace of expansion remained healthy. The Manufacturing Purchasing Managers’ Index, compiled by S&P Global, dipped to 57.7 last month from June’s 57.8. Finally, index ended with losses of 20.25 points.

Traders were seen piling up positions in IT, Metal and Pharma stocks, while selling was witnessed in Realty, PSU Bank, and Healthcare Index. The top gainers from the F&O segment were Hindustan Copper, Navin Fluorine International and Atul. On the other hand, the top losers were Power Grid Corporation of India, Polycab India and DLF. In the index option segment, maximum OI continues to be seen in the 20400 - 20600 calls and 19600 - 19800 puts indicating this is the trading range expectation.

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