Nifty ends lower ahead of October F&O expiry

30 Oct 2024 Evaluate

Indian equity benchmark -- Nifty -- ended Wednesday’s trading session with over half percent cut ahead of October F&O expiry. Index made a negative start, amid continued foreign fund outflows. According to exchange data, Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday, as they offloaded shares worth Rs 548.69 crore. Some cautiousness came as Hardeep Singh Puri, Minister for Petroleum and Natural Gas said that no one can predict fuel prices because of the uncertainty that has prevailed in different parts of the world citing tensions in the Middle East. In late morning session, index trimmed most of its losses, as traders took some support with President Droupadi Murmu’s statement that India is the fastest growing major economy and is likely to become the third largest economy soon.

However, in afternoon session, index unable to hold recovery and slipped into deep red, as sentiments were pessimistic after the credit rating agency, India Ratings and Research (Ind-Ra) stating that a weakness in GDP growth is expected due to higher-than-expected inflation, a weakness in industrial growth, especially manufacturing activities, weak exports and slower growth in net taxes in 1QFY25. The street took a note of the Reserve Bank of India’s (RBI) latest report stating that the country's foreign exchange reserves cover of imports (on balance of payments basis) stood at 11.2 months. The latest figure in the country's import cover represents a slight decline of one month from the 11.3-month cover recorded at the end of March 2024. Finally, index ended in negative terrain with losses of 126 points.

Traders were seen piling up positions Media, FMCG and Auto stocks, while selling was witnessed in Financial Services, Pharma and Healthcare. The top gainers from the F&O segment were Aditya Birla Capital, Adani Enterprises and Marico. On the other hand, the top losers Multi Commodity Exchange of India, Dixon Technologies (India) and Voltas. In the index option segment, maximum OI continues to be seen in the 24900 - 25100 calls and 23900 - 24100 puts indicating this is the trading range expectation.

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Nifty ends lower ahead of October F&O expiry

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