Indian equity benchmark -- Nifty -- ended Thursday's trading session in a negative terrain, as investors were cautious ahead of India's fiscal deficit data, which scheduled to be released on September 29. After making a slightly positive start, soon index slipped below neutral line, amid a private report stating that investment in Indian startups dropped to a five-year low in the third quarter of calendar year 2023, with funding declining by 54 per cent year-on-year to $1.5 billion. The funding also fell 29 per cent quarter-on-quarter. Traders remained cautious on rising crude oil prices. Further, recent weakness in global equities markets over fears of higher interest rates weighed on domestic sentiments.
Index extended its losses in afternoon session, as sentiments remained pessimistic amid reports that India's current account deficit (CAD) surged to $9.2 billion in the first quarter of 2023-24, more than seven times what it was in the preceding quarter. According to data released by the Reserve Bank of India (RBI), CAD in April-June amounted to 1.1 percent of GDP. The street overlooked the World Intellectual Property Organization’s latest report showing that India retains 40th rank out of 132 economies in the Global Innovation Index (GII) 2023 rankings. India has been on a rising trajectory, over the past several years in the Global Innovation Index, from a rank of 81 in 2015 to 40 in 2023. In last leg of trade, index ended near day’s low point.
All the sectorial indices ended in red. The top gainers from the F&O segment were Multi Commodity Exchange of India, Crompton Greaves Consumer Electricls and Larsen and Toubro. On the other hand, the top losers were Berger Paints India, Tech Mahindra and Marico. In the index option segment, maximum OI continues to be seen in the 19900 - 20100 calls and 19400 - 19600 puts indicating this is the trading range expectation.
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