Indian equity benchmark -- Nifty -- snapped two-day losing streak on Thursday and ended the session in green amid value buying in last hour of trade. Index made a negative start after U.S. President Donald Trump signed an executive order imposing an additional 25 per cent tariff on India as a penalty in response to its continued purchase of Russian oil. The additional 25 per cent tariffs will take effect in 21 days. Soon, index extended its losses and continued to trade in red terrain. Some cautiousness came amid foreign fund outflows as exchange data showed that Foreign Institutional Investors (FIIs) sold equities worth Rs 4,999.10 crore on August 06. In second half of the session, index intensified its losses and touched day’s low. However, the index soon recovered from the day’s low and entered green terrain in the final hours of trade. Market participants opted to buy fundamentally good stocks at lower levels after two days of losses. Finally, index closed above 24,550 mark.
Most of the sectorial indices ended in green except Oil & Gas and Realty stocks. The top gainers from the F&O segment were Lupin, NCC and Hero MotoCorp. On the other hand, the top losers were Bharat Heavy Electricals, Adani Enterprises and Indus Towers. 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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