Indian equity benchmark -- Nifty -- ended lower for third straight session on Monday ahead of the US President Donald Trump’s tariff deadline. Index made a pessimistic start following mixed cues from other Asian markets. Soon, index wiped out their losses and entered in green terrain. Traders took note of Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) member Nagesh Kumar’s statement that the Indian economy is growing at a robust pace and will not face any challenge in achieving a growth rate upwards of 6.5% in the current financial year. He also said the Indian economy, among all economies, continues to remain a bright spot for the world. But market failed to hold on its gains and slipped below neutral line. In afternoon session, index magnified its losses and traded near day’s low. Some cautiousness came as economic think tank GTRI stated that India must proceed with caution in its trade talks with the US, drawing lessons from countries like Vietnam and Japan. Besides, Kotak Mahindra Bank’s weaker-than expected Q1 result weigh on investors’ sentiments. Finally, index closed below 24,700 mark.
Most of the sectorial indices ended in red except Pharma and FMCG stocks. The top gainers from the F&O segment were Laurus Labs, Adani Green Energy, and Mphasis. On the other hand, the top losers were Kotak Mahindra Bank, Lodha Developers and SBI Cards and Payment Services. 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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