Nifty recovers from initial losses to end on higher note

24 Jun 2024 Evaluate

Indian equity benchmark -- Nifty -- ended Monday’s trading session near day’s high point, ahead of key U.S. inflation data and comments from Federal Reserve officials this week for clarity on the Fed's rate path. Index made a negative start, amid fresh foreign fund outflows. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,790.19 crore on Friday, according to exchange data. Also, reports of alleged irregularities in investment-related activities by fund managers at Quant Mutual Fund weighted on the trading sentiment. As per sources, Sebi officials last week conducted searches at Quant MF office. Some concern also came as data released by the Ministry of Labour & Employment showed that the retail inflation for agricultural labourers (CPI-AL) and rural workers (CPI-RL) remained almost unchanged at 7 per cent and 7.02 per cent respectively in May 2024.

In afternoon session, index erased its losses to trade near neutral line, as market participants were getting some encouragement with report stating that in a move to foster a more taxpayer-friendly environment, the GST Council waived interest and penalties for initial demand notices, provided the full tax amount is cleared by March 31, 2025. Sentiments remained positive as S&P Global Market Intelligence said that the new government will likely focus on job creation and addressing farmers’ concerns in its first 100 days. It also said ‘India’s recent parliamentary elections have resulted in Prime Minister Narendra Modi’s continued leadership, although the Bharatiya Janata Party (BJP) has lost its majority and now relies on coalition parties for stability and policy passage. In last leg of trade, index continued trade near neutral line, but ended near day’s high point.

Traders were seen piling up positions in Auto, FMCG and Consumer Durables, while selling was witnessed in Media, PSU Bank and Metal. The top gainers from the F&O segment were Astral, Cummins India and Jubilant FoodWorks. On the other hand, the top losers SAIL, Container Corporation of India and Sun TV Network. In the index option segment, maximum OI continues to be seen in the 24400 - 24600 calls and 22900 - 23100 puts indicating this is the trading range expectation.

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Nifty recovers from initial losses to end on higher note

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