Indian equity benchmark -- Nifty -- ended Friday's trading session on lower note weighed down by the performance of index heavyweights Infosys and Axis Bank following their Q3 results. Index made a negative start and extended its losses to slips near day’s low point in late morning session, as traders were cautious after the Federation of Indian Chambers of Commerce & Industry (FICCI) in its Economic Outlook Survey has lowered India's growth projection for the current financial year (FY25) to 6.4 per cent from 7 per cent estimated in the previous round conducted during the month of September last year. Traders were cautious as FIIs continued their selling spree, offloading shares worth Rs 4,341.95 crore on January 16.
In afternoon session, index came off from day’s low point, but remained in red, as sentiment remained downbeat economic think tank GTRI stating that Indian firms in the electronics, solar, and electric vehicle (EV) sectors are experiencing delays and disruptions due to China's restrictions on export of key inputs and machinery. It said the curbs could be China's response to India's restrictions on Chinese investments and visas. Finally, index ended with around half-percent cut on the back of heavy selling in IT and banking sectors’ stocks.
Traders were seen piling up positions in Oil & Gas, Realty and Metal stocks, while selling was witnessed in IT, Private Bank and Bank. The top gainers from the F&O segment were Manappuram Finance, Hindustan Copper and Hindustan Aeronautics. On the other hand, the top losers were Kalyan Jewellers India, Infosys and PB Fintech. 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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