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Nifty witnesses sharp selloff; settle below 23600 mark

13 Nov 2024 Evaluate

Indian equity benchmark -- Nifty -- ended Wednesday’s trading session near day’s low point ahead of weekly F&O expiry. Index made a negative start, as traders were concern after the sharp rise in retail inflation. Retail inflation breached the Reserve Bank’s upper tolerance level, soaring to a 14-month high of 6.21 per cent in October mainly on account of rising food prices. Inflation based on the consumer price index (CPI) was 5.49 per cent in September and 4.87 per cent in the year-ago month. Besides, the foreign institutional investors (FIIs) extended their selling on November 12 as they offload equities more than Rs 3000 crore.

Index extended its losses in noon deal on account of selling by funds and retail investors. Investors overlooked the report that Export Import Bank of India has said that India's merchandise exports are likely to grow 1.85 per cent to $107.5 billion in the October-December period of 2024. The non-oil exports will grow 7.39 per cent to $91.7 billion. In last leg of trade, index slipped into deep red to end with losses of 324.40 points.

All the sectorial indices ended in red. The top gainers from the F&O segment were Manappuram Finance, Zydus Lifesciences and SBI Cards and Payment Services. On the other hand, the top losers Gujarat Narmada Valley Fertilizers & Chemicals, Metropolis Healthcare and Granules India. In the index option segment, maximum OI continues to be seen in the 25900 - 26100 calls and 22900 - 23100 puts indicating this is the trading range expectation.

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