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Nifty remains lower for third consecutive day

17 Oct 2024 Evaluate

Indian equity benchmark -- Nifty -- ended Thursday’s trading session near day’s low point on weekly F&O expiry day. After making flat-to-positive start, soon index slipped below its neutral line and extended its losses, amid foreign fund outflows dented sentiments. On October 16, foreign institutional investors (FIIs) sold shares worth Rs 3,435.94 crore. Traders overlooked the government data showed that India’s merchandise exports in September slightly rose to $34.58 billion against $34.41 billion a year ago, while imports increased by 1.6 per cent to $55.36 billion in September compared to $54.49 billion in the year-ago period. 

In afternoon session, index continued to trade in deep red and remained lower till end the day, as traders sold out their riskier stocks. Traders took note of report that credit rating agency ICRA has projected the combined capital spending of a sample of 13 major state governments to expand by 13% to Rs 6.5 trillion in FY25. However, this entails a miss, relative to the FY25 Budget Estimate (BE) of Rs 7.2 trillion, following a dull start to the capex in the initial months of this fiscal as well as the anticipated undershooting in states’ revenues. 

All the sectorial indices ended in red. The top gainers from the F&O segment were Mphasis, National Aluminium Company and Infosys. On the other hand, the top Bajaj Auto, Havells and Oberoi Realty. In the index option segment, maximum OI continues to be seen in the 25900 - 26100 calls and 24400 - 24600 puts indicating this is the trading range expectation.

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