Indian equity benchmark -- Nifty -- ended lower on Monday amid selling in IT and oil & gas stocks. Index made flat-to-positive start and soon turned volatile amid rising geopolitical tensions after the U.S. attacked Venezuela. American forces carried out a large military operation in Venezuela, capturing President Nicolas Maduro and his wife and taking them to the US to face various charges, including narco-terrorism and drug trafficking. Market continued its lackluster trade around neutral lines in afternoon session as traders remained cautious as American President Donald Trump said that the United States could raise tariffs on Indian goods if New Delhi does not help on concerns related to Russian oil. In late afternoon session, index magnified its losses and touched day’s low but soon recovered. Traders took note of report that Commerce and Industry Minister Piyush Goyal will visit Brussels this week for talks with his EU counterpart on the proposed trade pact, for which negotiations are in the last phase. Besides, comments from the think tank GTRI helped investors to shrug off worries surrounding U.S.-Venezuela tensions. GTRI indicated that India is unlikely to face any material economic or energy impact due to the US-Venezuela conflict. Though, index failed to enter the green terrain and settled below 26,300 mark.
Traders were seen piling up positions in Realty, Consumer Durables and FMCG stocks, while selling was witnessed in IT, Oil & Gas and Pharma. The top gainers from the F&O segment were PG Electroplast, Union Bank of India and Prestige Estates Projects. On the other hand, the top losers were Premier Energies, Waaree Energies and Cummins India. In the index option segment, maximum OI continues to be seen in the 26900 - 27100 calls and 25900 - 26100 puts indicating this is the trading range expectation.
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