Indian equity benchmark -- Nifty -- ended Monday’s trading session in positive terrain, as traders went for frontline blue-chip stocks. After making a cautious start, soon index turned volatile, as traders were cautious after India's September quarter Gross Domestic Product (GDP) print came in widely lower than market expectations at 5.4 percent, and US President-elect Donalt Trump threatened 100% tariffs on BRICS nations if they act to weaken the dollar's dominance in international trade. Traders were concerned as Crisil expects GDP growth to slow to 6.8% this financial year 2024-25. It said the growth is weighed down by high interest rates and low fiscal impulse. Some pessimism also came in as India’s foreign exchange reserves have declined $48 billion in the past two months (since September 27) as Reserve Bank of India (RBI) data showed that India services exports rose for the second month in a row, increasing 22.3% in October to $34.3 billion.
In afternoon session, index managed to trade in green, as investors found some support after the government data showed that foreign direct investment in India rose by 45% year-on-year to $29.79 billion in April-September this fiscal on healthy inflows in services, computer, telecom and pharma sectors. In last leg of trade, index magnified its gains to end near day’s high point.
Most of the sectorial indices ended in green except PSU Bank and FMCG stocks. The top gainers from the F&O segment were Dixon Technologies (India), J K Cement and Housing and Oracle Financial Services Software. On the other hand, the top losers were Adani Total Gas, Adani Energy Solutions and Poonawalla Fincorp. 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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