Indian equity benchmark -- Nifty -- tumbled on Friday amid US-India trade deal uncertainty. Index made a negative start followed by broadly negative cues from other Asian markets. Soon, index extended its losses amid mixed Q1 earnings of the companies and continued fund outflows by FIIs, also dampened investors’ sentiments. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,133.69 crore on Thursday, according to exchange data. Besides, traders overlooked Commerce and Industry Minister Piyush Goyal’s statement that the India-UK Free Trade Agreement (FTA) is truly a game changer in trade, investment and services sectors. He said it was ‘remarkable’ that a journey which started over two decades ago culminated with a historic prime ministerial visit and in a very ‘fair, equitable and balanced agreement’ that ensures the possibility to double India-UK trade to $120 billion in the next five years. In afternoon session, index continued its choppy trade for most part of the session. Market participants avoided risky bids ahead US-India trade pact. Finally, index closed below 24,850 mark.
Most of the sectorial indices ended in red except Pharma stocks. The top gainers from the F&O segment were Canara Bank, Indian Bank, and Samvardhana Motherson International. On the other hand, the top losers were Indian Energy Exchange, Coforge and Persistent Systems. 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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