Indian equity benchmark -- Nifty -- ended marginally lower on Wednesday amid Trump’s tariff jitters. Index made a flat-to-negative start followed by mostly negative cues from Wall Street overnight. Soon, index turned volatile as traders remained on sideline ahead of Trump’s tariff deadline and kick start of Q1 earning season. Sentiments remained weak as Trump announced a 50 percent tariff on copper imports and hinted at a potential 200 percent tariff on pharmaceuticals. However, losses remind capped as market participants took note of Regional PF Commissioner-I Randhir Kumar of Employees' Provident Fund Organisation’s (EPFO) statement that the Employment Linked Incentive (ELI) announced in the budget for 2024-25 with an outlay of Rs 1 lakh crore, will promote job creation and provide social security. In afternoon session, index continued its choppy trade. However, in last leg of the trade, index intensified its losses and closed below 25,500 mark.
Traders were seen piling up positions in FMCG, Consumer Durables and Auto stocks, while selling was witnessed in Realty, Metal and Oil & Gas. The top gainers from the F&O segment were PG Electroplast, FSN E-Commerce Ventures, and RBL Bank. On the other hand, the top losers were GAIL (India), Max Healthcare Institute and Union Bank of India. In the index option segment, maximum OI continues to be seen in the 25900 - 26100 calls and 24900 - 25100 puts indicating this is the trading range expectation.
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