Indian equity benchmark -- Nifty -- ended Monday’s trading session in deep red ahead of key economic indicators from India, including manufacturing, services, composite indices, current account deficit (CAD), external debt, and government budget figures, to be release during this week. After making a negative start, market remained in red amid foreign fund outflows. On September 27, 2024, Foreign Institutional Investors (FIIs) sold shares worth Rs 1,209.10 crore. Traders got cautious after the Reserve Bank's former governor Raghuram Rajan said that with 7 per cent economic growth, India is not creating enough jobs as reflected by the number of applicants for vacant posts in some states. He suggested the government needs to focus on promoting labour-intensive industries to generate employment. In afternoon session, index continued to trade under pressure. Traders ignored commerce and industry minister Piyush Goyal’s statement that actual investments under the Production Linked Incentive (PLI) schemes were Rs 1.46 lakh crore till August and expected to increase to Rs 2 lakh crore in the coming years. Market added more losses and touched day’s low level in last leg of trade as investors sold out their riskier stocks.
