Nifty ends flat with negative bias ahead of weekly F&O expiry

03 Apr 2024 Evaluate

Indian equity benchmark -- Nifty -- ended Wednesday’s trading session in negative terrain, ahead of weekly F&O expiry. Index made a gap-down opening, as some concern came with the provisional data available on the NSE showing that foreign institutional investors (FII) sold shares net worth Rs 1,622.69 crore on April 03, 2024. But soon, index trimmed most of its losses and traded near neutral line, as market participants got some support after the government has broadly met the tax collection target of over Rs 34.37 trillion for 2023-24 on the back of robust economic activity and improved compliance. The government had raised the target for direct tax collection in FY24 (April 2023 to March 2024) to Rs 19.45 trillion, while for indirect taxes (GST+ Customs + Excise) the target was lowered to Rs 14.84 trillion in the revised estimates (RE) presented in Parliament on February 1, 2024.

In afternoon session, index traded with minor gains, as traders got encouragement after the World Bank has revised its earlier projection of Indian economy growth by 1.2 per cent to 7.5 per cent for FY23/24. Sentiments were optimistic, as India Ratings and Research (Ind-Ra) has observed a notable increase in the resolution of cases under the Corporate Insolvency Resolution Process (CIRP), with the percentage of cases closed through the approval of resolution plans reaching 29% in Q3 FY24 (Q3 FY23: 17%). However, in last leg of trade, index cut all of its intraday gains to end flat with minor losses, as traders were cautious to take positions as the RBI appointed MPC (Monetary Policy Committee) begin their 3-day meet to discuss policy measures.

Traders were seen piling up positions in PSU Bank, IT and Media stocks, while selling was witnessed in Realty, FMCG and Auto. The top gainers from the F&O segment were Punjab National Bank, Laurus Labs and Gujarat Narmada Valley Fertilizers & Chemicals. On the other hand, the top losers Godrej Properties, DLF and Torrent Pharmaceuticals. In the index option segment, maximum OI continues to be seen in the 22400 - 23600 calls and 21900 - 22100 puts indicating this is the trading range expectation.

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Nifty ends flat with negative bias ahead of weekly F&O expiry

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