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  3. Nifty ends flat with positive bias ahead of RBI interest rate decision

Nifty ends flat with positive bias ahead of RBI interest rate decision

07 Feb 2024 Evaluate

Indian equity benchmark -- Nifty -- ended Wednesday’s trading session on flat note with minor gains, ahead of RBI interest rate decision due on tomorrow. Index made a gap-up opening, as traders took some support with Finance Minister Nirmala Sitharaman’s statement that the inflation has come down within the tolerance band as a result of the steps taken by the government to check price rise, especially in perishable commodities. She said the government is seized of the difficulties, which arise due to shortage of perishable goods, which are not grown in India. Some support also came with Moody's Investors Service stating that growth in Asia Pacific will decelerate in 2024 as a downshift in China's growth trajectory will spill over in the region through trade in goods and services, but India will be able to mitigate the challenge aided by robust domestic demand.

However, in afternoon session, index cut all of its initial gains and traded below its neutral line, as traders were cautious with Minneapolis Fed President Neel Kashkari’s statement that the U.S. central bank is not done yet with inflation although he noted it had come down quickly with three-month and six-month inflation data basically at the Fed's 2 per cent goal. Some cautiousness came, as India's aggressive fiscal consolidation objective for next year is already being doubted, with Fitch Ratings saying it expects the target of 5.1 percent of GDP to be missed by as much as 30 basis points. In last hour of trade, index managed to keep its head above its neutral line and ended with minor gains.

Most of the sectorial indices ended in green except IT and Private Bank stocks. The top gainers from the F&O segment were Trent, Delta Corp and Canara Bank. On the other hand, the top losers were Navin Fluorine International, Indian Energy Exchange and Mahanagar Gas. In the index option segment, maximum OI continues to be seen in the 22900 - 23100 calls and 20900 - 21100 puts indicating this is the trading range expectation.

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