Extending its losing streak for the fourth straight session, Indian equity benchmark -- Nifty -- ended marginally lower on Wednesday. Index made a cautious start as persistent foreign fund outflow dampened investors sentiments. As per exchange data, Foreign Institutional Investors (FIIs) were net sellers in the market, selling shares worth Rs 3,642.30 crore on Tuesday. Soon, index extended its losses and continued its trade in red terrain. Market participants avoided risky bid ahead of RBI MPC meeting outcome which will release on Friday. In afternoon session, index continued its choppy trade in red. Traders overlooked the survey report stating that Indian services sector growth accelerated in the month of November, after losing some momentum in October, boosted by a faster upturn in new business intakes. According to the survey report, the seasonally adjusted HSBC India Services PMI Business Activity Index surged to 59.8 in November from 58.9 in October. In last leg of the trade, strong buying in IT stocks helped index to recover from day’s low, but it finally ended below 26,000 mark.
Traders were seen piling up positions in IT, Private Bank and Media stocks, while selling was witnessed in PSU Bank, Consumer Durables and Auto. The top gainers from the F&O segment were Vodafone Idea, Biocon and Sammaan Capital. On the other hand, the top losers were Indian Bank, Angel One and Housing & Urban Development Corporation. In the index option segment, maximum OI continues to be seen in the 26900 - 27100 calls and 25400 - 25600 puts indicating this is the trading range expectation.
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