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Nifty ends lower ahead of key U.S. economic data

31 Oct 2024 Evaluate

Indian equity benchmark -- Nifty -- ended Thursday’s trading session in a negative terrain on October F&O expiry. After making a slightly positive start, soon index slipped into red, as traders were cautious with the exchange data showing that foreign institutional investors (FIIs) offloaded equities worth Rs 4,613.65 crore on October 30. Market participants remained cautious as data showed the growth in production of eight key infrastructure sectors slowed down to 2 per cent in September as against 9.5 per cent in the same month last year. In afternoon session, index extended its losses to trade in deep red, as investors were cautious ahead of key U.S. economic data due this week and next week's US presidential election. There was anxiety among investors, as in a cautious outlook for the upcoming fiscal year, India Ratings and Research (Ind-Ra) projects a decline in inflation for FY25, yet it emphasizes that immediate rate cuts from the Reserve Bank of India (RBI) are unlikely. Finally, index ended with losses of 135.50 points.

Most of the sectorial indices ended in red except Media, Pharma and Healthcare stocks. The top gainers from the F&O segment were Cipla, Larsen and Toubro and Vodafone Idea. On the other hand, the top losers Aditya Birla Capital, Birlasoft and Tech Mahindra. 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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