Indian equity benchmark -- Nifty -- ended Monday’s trading session near day’s low point ahead of US Federal Reserve policy meeting outcome. Index made a negative start and remained lower, as traders were cautious with the commerce ministry in its latest data stating that India’s merchandise exports declined 6.86 per cent to $34.48 billion, the seventh month in a row, in August 2023 as compared to $37.02 billion in August 2022, due to a fall in shipments from key sectors like petroleum and gems and jewellery on subdued global demand. However, in late morning session, index trimmed some of its initial losses, as investors took some support with the exchange data showing that foreign Institutional Investors (FIIs) were buyers on Friday as they bought equities worth Rs 164.42 crore. The recovery was short-lived and in last hours of trade, index slipped near day’s low point and ended with losses of 59.05 points.
Traders were seen piling up positions in PSU Bank, Auto and Consumer Durables stocks, while selling was witnessed in Realty, Media and Metal. The top gainers from the F&O segment were Berger Paints, Punjab National Bank and Bharat Electronics. On the other hand, the top losers were Vodafone Idea, Gujarat Narmada Valley Fertilizers & Chemicals and Syngene International. In the index option segment, maximum OI continues to be seen in the 20400 - 20600 calls and 19900 - 20100 puts indicating this is the trading range expectation.
