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  3. Nifty witnesses heavy sell off; plunges over 1.5%

Nifty witnesses heavy sell off; plunges over 1.5%

23 Jan 2024 Evaluate

Indian equity benchmark -- Nifty -- ended Tuesday’s trading session in negative terrain due to selling pressure in heavyweight stocks. Index made a gap-up opening, as investors took some encouragement with the commerce ministry data showing that India’s exports of goods and services rose marginally by 0.4 per cent to $765.6 billion in 2023 despite global economic uncertainties. But soon, index cut all of its initial gains and traded below its neutral line, as traders turned cautious with Fitch Group stating that South Asian economies would be most affected amid rising hostilities in the Red Sea due to Houthi attacks. They will experience the largest relative increase in maritime trade distance, shipping time, and costs as the crucial trade route remains inaccessible. It added that India’s economic forecast faces a significant risk in the event of a prolonged spell of disruptions.

In late afternoon session, index extended its losses to end near day’s low point, as traders were cautious ahead of the release of some key U.S. economic data as well as a slew of major central bank meetings later this week, including the Bank of Japan, the European Central Bank, the Bank of Canada and the Norges Bank. The street paid no heed towards a private report stating that the Indian stock market has pipped Hong Kong to become the fourth-highest equity market globally. The combined value of shares listed on Indian exchanges reached $4.33 trillion, versus $4.29 trillion for Hong Kong.

Most of the sectorial indices ended in red except Pharma and Healthcare stocks. The top gainers from the F&O segment were Cipla, Petronet LNG and Persistent Systems. On the other hand, the top losers were Zee Entertainment Enterprises, Oberoi Realty and Indian Railway Catering and Tourism Corporation. In the index option segment, maximum OI continues to be seen in the 21600 - 21800 calls and 20900 - 21100 puts indicating this is the trading range expectation.

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