Indian equity benchmark -- Nifty -- concluded Monday's trading session close to its lowest point of the day, amid continued selling by foreign institutional investors. FIIs sold shares worth Rs 2,254.69 crore on January 10. Index made a negative start, as traders were cautious with the Reserve Bank of India stated that India's forex reserves dropped by $5.693 billion to $634.585 billion in the week ended January 3. In the previous reporting week, the overall kitty had declined by $4.112 billion to $640.279 billion. Traders overlooked data released by the National Statistics Office (NSO) showing growth in India’s Index of Industrial Production (IIP) surged to a six-month high of 5.2 per cent in November 2024 from 3.7 per cent in the previous month, aided by a low base
In afternoon session, index extended its losses to trade near day’s low point and remained low till end of the day, as traders were worried with IMF Managing Director Kristalina Georgieva’s statement that Indian economy is set to face challenges in 2025, with the International Monetary Fund (IMF) forecasting a slightly weaker performance despite steady global growth. The uncertainty that could arise from shifts in U.S. trade policy, which may further impact the global economic landscape. While global growth is anticipated to remain stable.
All the sectorial indices ended in red. The top gainers from the F&O segment were Biocon, Aditya Birla Capital and Tata Consultancy Services. On the other hand, the top losers were PB Fintech, Macrotech Developers and Kalyan Jewellers India. 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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