Late selloff eats most of initial gains; Nifty ends marginally higher

19 Nov 2024 Evaluate

Indian equity benchmark -- Nifty -- snapped seven-day losing streak and ended Tuesday’s trading session with marginal gains. Index made a positive start and extended its gains, as traders took encouragement with Central Board of Direct Taxes (CBDT) Chairman Ravi Agarwal’s statement that the government is confident of not only meeting the direct tax collection target for FY24, but also exceeding it. Some support also come as the National Sample Survey Office (NSSO) said the unemployment rate for people aged 15 years and above in urban areas dipped to 6.4 per cent in the July-September quarter.

In afternoon session, index traded near day’s high point, as sentiments were positive amid reports that the finance ministry tweaked norms for capital restructuring by central public sector enterprises (CPSEs) and introduced flexibilities for them to better add to their value creation strategy. Adding more optimism among traders, industry chamber CII said that the government initiatives such as Make in India and production linked incentive schemes for different sectors are helping attract foreign investors to set up bases in India. In a letter to Commerce and Industry Minister Piyush Goyal, CII Director General Chandrajit Banerjee said that the government's increased investments in infrastructure such as roads, railways and ports are making the domestic industry more competitive. However, in last leg of trade, index came off from day’s high point as sentiments got hit after private report stated that Russian President Vladimir Putin signed a decree broadening the scope of when Moscow can use nuclear weapons in a clear message to the West and Ukraine.

Most of the sectorial indices ended in green except Metal, PSU Bank and Oil & Gas stocks. The top gainers from the F&O segment were Granules India, Deepak Nitrite and Mahindra and Mahindra. On the other hand, the top losers were Max Financial Services, SBI Life Insurance Company and Jindal Steel and Power. In the index option segment, maximum OI continues to be seen in the 23900 - 24100 calls and 22900 - 23100 puts indicating this is the trading range expectation.

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