Indian equity benchmark -- Nifty -- ended Monday’s trading session on a lower note, as investors were cautious ahead of the Union Budget 2024. After making negative start, soon index trimmed most of its losses to trade in green, amid foreign fund inflows. Foreign investors injected Rs 30,772 crore into Indian equities so far this month, driven by hopes of continued policy reforms, sustained economic growth and a better-than-expected earnings season. Some support also came as a recent report by the Organisation for Economic Co-operation and Development (OECD) and the Food and Agriculture Organization (FAO) said that India is likely to have the highest per-capita income growth in the world at 5.4 per cent per annum during 2024-33, allowing it and other emerging economies to drive global consumption of agricultural and fisheries products in the next decade.
However, in afternoon session, index unable to hold its gains and traded below its neutral line, as investors got cautious after the Economic Survey stating that the rising Geopolitical uncertainties will likely to exert a bigger influence on capital flows. Besides, Traders were cautious as GDP of India is expected to grow at 6.5 to 7 per cent in FY24-25, according to the Economic Survey 2023-24 tabled by Union Finance Minister in the Parliament. This is lower than the economic growth rate of 8.2 per cent estimated for the previous financial year. Finally, index ended just below its neutral line.
Traders were seen piling up positions in Auto, Healthcare and Pharma stocks, while selling was witnessed in Oil & Gas, Realty, and Media. The top gainers from the F&O segment were Indian Hotels Company, PI Industries and Hindustan Copper. On the other hand, the top losers Wipro, Reliance Industries and Kotak Mahindra Bank. In the index option segment, maximum OI continues to be seen in the 25400 - 25600 calls and 23900 - 24100 puts indicating this is the trading range expectation.
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