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Nifty ends flat to negative in volatile trade

23 Nov 2023 Evaluate

Indian equity benchmark -- Nifty -- ended Thursday’s trading session in negative terrain dragged by losses in Cipla, Infosys and Tata Consultancy Services stocks. After making a positive start, soon index turned volatile, as traders were cautious with provisional data from NSE showing that foreign institutional investors net sold shares worth Rs 306.56 crore on Wednesday. Some concern also came as the latest payroll data released by the EPFO showed that reflecting a slowdown in the pace of formal job creation, new subscribers added by the Employees’ Provident Fund Organisation (EPFO) declined by 10.1 per cent to 5.86 million in the first half (April-September) of FY24, from 6.52 million during the same period last year.

In afternoon session, index remained volatile, as traders paid no attention towards Union Minister of Commerce and Industry Piyush Goyal’s statement that India’s exports to Nordic region has grown over 39% from 2018-19 to 2022-23 and that exports to Finland & Norway-grown by over 100% & 80% respectively. Besides, highlighting the fact the region has come close to India in recent years, the Minister pointed out that Indian Cuisine, Bollywood, Yoga, Ayurveda and Textiles are extremely popular in Nordic-Baltic region. Finally, index ended with minor losses. 

Traders were seen piling up positions in Realty, Oil & Gas and Metal stocks, while selling was witnessed in Pharma, Healthcare and IT. The top gainers from the F&O segment were Hindustan Petroleum Corporation, Aditya Birla Fashion and Retail and Hero Motocorp. On the other hand, the top losers were Cipla, Persistent Systems and Dr. Lal PathLabs. In the index option segment, maximum OI continues to be seen in the 19900 - 20100 calls and 18900 - 19100 puts indicating this is the trading range expectation.

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