Indian equity benchmark --Nifty -- went through losses for six consecutive day and ended in red amid high volatility. Market made a negative start and extended its losses amid foreign fund outflows. The Foreign institutional investors (FIIs) have extended their selling on February 11 as they offloaded equities worth Rs 4486 crore. Traders were cautious as U.S. Treasury yields rose after testimony from Federal Reserve Chair Jerome Powell raised some doubt about the path toward lower rates. However, in afternoon session, market recovered from losses to hit green territory. Investors got some support after Union Minister of State for Commerce and Industry, Jitin Prasada said that the Government has put in place a policy framework for Foreign Direct Investment that is transparent, predictable, and easily comprehensible. Besides, he said to promote FDI, the Government has put in place an investor-friendly policy, wherein most sectors, except certain strategically important sectors, are open for 100% FDI under the automatic route. More than 90% of the FDI inflow is received under the automatic route. But index failed to protect its gains and turned red in last leg of trade.
Traders were seen piling up positions in PSU Bank, Metal, Financial Services stocks, while selling was witnessed in Realty, Auto and IT. The top gainers from the F&O segment were Ashok Leyland, Steel Authority of India, and PB Fintech. On the other hand, the top losers were Prestige Estates Projects, Godrej Properties, and Jubilant Foodworks. In the index option segment, maximum OI continues to be seen in the 23400 - 23600 calls and 22900 - 23100 puts indicating this is the trading range expectation.
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