Indian equity benchmark -- Nifty -- ended Wednesday’s trading session in negative terrains ahead of the US Federal Reserve's FOMC decision. Index made a cautious start, as traders were cautious after India’s exports registered a steepest decline in 13-month falling 9.3 per cent in August to $34.71 billion due to global economic uncertainties, while the trade deficit soared to a 10-month of $29.65 billion. Imports increased by 3.3 per cent to $64.36 billion, which is a record high, due to a significant jump in the inbound shipments of gold and silver.
However, in late morning session, index erased all of its losses to trade near all-time high point, as sentiments were positive with a private report that the Centre’s direct tax collection collections, net of refunds, rose about 16% on year to Rs 9.92 lakh crore till September 15, 2024 in the current financial year. The direct tax receipts till September 15 were 45% of the FY25 target of Rs 22.07 lakh crore, broadly in line with annual trends. In afternoon session, index turned negative and remained lower till the end amid profit booking.
Traders were seen piling up positions in Financial Services, Bank and Private Bank stocks, while selling was witnessed in IT, Pharma and Healthcare. The top gainers from the F&O segment were Samvardhana Motherson International, Shriram Finance and Bajaj Finance. On the other hand, the top losers Oracle Financial Services Software, Mphasis and Glenmark Pharmaceuticals. In the index option segment, maximum OI continues to be seen in the 25900 - 26100 calls and 24900 - 25100 puts indicating this is the trading range expectation.
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