Indian equity benchmark -- Nifty -- extended its downward trend for third consecutive day and ended with minor losses on Thursday. Market made a gap-down opening and remained lower tracking sell-off in Asian counterparts as the US Fed's minutes showed policymakers are more inclined to keep interest rates steady amid stubborn inflation. Investors overlooked the report that S&P Global Ratings said the impact of the US reciprocal tariff will be limited on India as the economy is domestically oriented with less reliance on exports. It also said India will clock a 6.7-6.8 per cent GDP growth over the next two years. In afternoon session, index continued to reel under selling pressure. Sentiments remained downbeat as the Reserve Bank of India (RBI) in its latest monthly bulletin-February 2025 has said that the global economy continues to grow at a steady but moderate pace, with divergent outlook across countries amid rapidly evolving political and technological landscapes. In last leg of trade, market recovered and held limited losses to end below 22950 mark.
Traders were seen piling up positions in Metal, PSU Bank and OIL & GAS stocks, while selling was witnessed in Financial Services, Private Bank and Pharma. The top gainers from the F&O segment were NHPC, APL Apollo Tubes, and BSE. On the other hand, the top losers were FSN E-Commerce Ventures, HDFC Bank and Maruti Suzuki India. In the index option segment, maximum OI continues to be seen in the 26400 - 26600 calls and 21900 - 22100 puts indicating this is the trading range expectation.
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