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Nifty witnesses bloodbath; plunges over 1.5%

20 Dec 2024 Evaluate

Indian equity benchmark -- Nifty -- ended Friday’s trading session near day’s low point dragged by selling in IT sector’s stocks. Index made a cautious start and turned volatile, amid the US Federal Reserve’s hawkish stance on interest rate cuts for 2025. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Thursday, as they offloaded shares worth Rs 4,224.92 crore, according to exchange data. Traders took note of report that US Ambassador to India Eric Garcetti said India and the United States (US) should work together to lower tariffs to increase trade and make it fair and equal. Garcetti also called India the highest tariff major economy in the world.  In afternoon session, index extended its losses, as traders were cautious after 10-year Treasury yield in U.S. climbed to 4.57% one day after Fed signaled slower rate cutting cycle. besides monetary penalties. With a view to curb unregulated lending activities and protect the interest of consumers, the RBI's Working Group on Digital Lending submitted its report in November 2021. In last leg of trade, index touched their day’s low and ended with losses of 364.20 point.

All the sectorial indices ended in red. The top gainers from the F&O segment were Dr Reddy's Laboratories, United Breweries and JSW steel. On the other hand, the top losers were Siemens, RBL Bank and LTIMindtree. In the index option segment, maximum OI continues to be seen in the 24900 - 25100 calls and 22900 - 23100 puts indicating this is the trading range expectation.

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