Snapping its two-day gaining streak, Indian equity benchmark -- Nifty ended sharply lower on Wednesday as spike in crude oil prices amid escalation in West Asia jitters. The index made a gap-down start and continued to trade weakly in the first half as weak cues from other Asian markets and persistent foreign fund outflow. As per exchange data, foreign institutional investors offloaded Indian equities worth Rs 2,961.30 crore on October 6. Meanwhile, the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) raised repo rates by 25 basis points (bps) to 5.50% against 5.25% earlier, first increase since February 2023. Moreover, it raised the FY27 consumer price index (CPI)-based inflation forecast to 5.2% from 5%. In the second half, the index extended its losses and finally ended over 170 points lower.
Most of the sectorial indices ended in red led by Metal, Realty, and Auto stocks. The top gainers from the F&O segment were Bank of Maharashtra, Kalyan Jewellers India and Union Bank of India. On the other hand, the top losers were National Aluminium Company, Titan Company and Adani Enterprises. In the index option segment, maximum OI continues to be seen in the 23400 - 23600 calls and 23400 - 23600 puts indicating this is the trading range expectation.
