Indian equity benchmark -- Nifty -- ended Monday’s trading session in negative terrain, ahead of consumer price index (CPI) and Index of Industrial Production (IIP) data, which going to be out on June 12. After making a positive start, index cut all of its gains and entered into red, as some concern came with report stating that after having net sold stocks worth Rs 42,200 crore in the month of May, foreign institutional investors (FIIs) so far in June have net sold shares to the tune of Rs 13,718 crore. However, index soon managed to trade in green and remained higher for the most part of the session, as traders took encouragement with USIBC President Atul Keshap’s statement that the swearing-in of Narendra Modi as the prime minister for a historic third consecutive term sends a strong message of political and economic stability amidst rising geostrategic uncertainty. In last leg of trade, index cut all of its gains to end near day’s low point, as sentiments were downbeat after the Reserve Bank of India (RBI) in its latest ‘Inflation Expectations Survey of Households (IESH) - May 2024’ has showed that Households’ inflation expectations for the three months and one year ahead periods increased by 20 basis points (bps) and 10 bps, respectively, but remained in single digits, while their perception on current inflation moderated by 10 bps and stood at 8.0 per cent in the latest survey round.
Traders were seen piling up positions in Realty, Media and Pharma Bank, while selling was witnessed in IT, Metal and Private Bank. The top gainers from the F&O segment were Ramco Cements, Samvardhana Motherson International and Aarti Industries. On the other hand, the top losers Vedanta, Coforge and Mphasis. In the index option segment, maximum OI continues to be seen in the 22900 - 24100 calls and 21900 - 22100 puts indicating this is the trading range expectation.
