Indian equity benchmark -- Nifty -- snapped three days losing streak and closed higher on Wednesday despite rising geopolitical tensions. Index made a positive start, after suffering heavy losses in previous session, amid positive cues from other Asian markets lifted investors’ sentiments. Soon, index gained tractions as traders took note of Ministry of Labour & Employment’s report stating that retail inflation for farm as well as rural workers eased marginally to 3.48 per cent and 3.53 per cent, respectively, in the month of April compared to the pace of price hikes for the two categories at 3.73 per cent and 3.86 per cent recorded in March. Also, market participant took note of PHDCCI Secretary General Ranjeet Mehta’s statement that the industry is hopeful of a rate cut by the Reserve Bank very soon and expects India's economic growth at more than 6.5 per cent in the current financial year. In afternoon session, index trimmed most of its gains and continued choppy trade till end of the session. Traders remained cautious due to the exchange data showing that Foreign Institutional Investors (FIIs) sold equities worth Rs 10,016.10 crore on Tuesday.
Most of the sectorial indices ended in green except Consumer Durable stocks. The top gainers from the F&O segment were Siemens, Bharat Electronics and Solar Industries India. On the other hand, the top losers were Dixon Technologies (India), Aditya Birla Fashion and Retail and IndusInd Bank. In the index option segment, maximum OI continues to be seen in the 24900 - 25100 calls and 23900 - 24100 puts indicating this is the trading range expectation.
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