Indian equity benchmark -- Nifty -- ended with limited gains on Tuesday ahead of Fed interest rate decision. Market made a positive start and soon turned negative amid foreign fund outflows. As per NSE data, Foreign Institutional Investors (FII) were net sellers of Indian equities worth Rs 1,634.98 crore. However, markets recouped from losses to enter into green as traders took some support with Prime Minister Narendra Modi’s statement that India is becoming a major stakeholder in the global supply chain and this growing capacity is the foundation of the country’s economic growth. He added innovation and collaboration are India’s greatest strengths on its development journey.
Index held its gains in afternoon session as inflation based on wholesale price index (WPI) in India slowed down in the month of August 2024 to 1.31% from 2.04% in July, amid easing prices of crude petroleum, natural gas and food articles. Some relief came as Finance Minister Nirmala Sitharaman said that the Union Government has kept the interests of the middle class in mind while formulating tax rates, and is constantly trying to keep it simpler while giving more options to them via the new tax regime. Finally, market ended in green.
