Nifty recovers from day’s low point to end higher on Tuesday

05 Nov 2024 Evaluate

Indian equity benchmark -- Nifty -- staged a recovery in late afternoon session to settle above the 24200 mark on Tuesday, ahead of US election result and the US Fed's upcoming interest rate decision later this week. Index made a cautious start and traded below neutral line in most of the part in morning session, as some concern also came amid constant foreign fund outflows. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,329.79 crore on Monday, according to exchange data. Traders took a note of report that corporate affairs ministry underscored the need for a ‘continuous refinement’ in the Insolvency and Bankruptcy Code (IBC) to address future challenges in corporate recast effectively.

In afternoon session, index extended its losses to trade in deep red, as traders were cautious due to persisting Middle East tensions and uncertainty surrounding the closely contested U.S. presidential election. Besides, there was some anxiety among investors amid reports that the central board of direct taxes (CBDT) has set monetary limitations for waiver or Reduction of Interest on Tax Payments with riders. However, index came off from the day’s low point in late afternoon session to end higher with gains of 217.95 points.

Most of the sectorial indices ended in green except FMCG, Media, and Healthcare stocks. The top gainers from the F&O segment were JSW Steel, Jubilant FoodWorks and Steel Authority of India. On the other hand, the top losers J K Cement, ABB India and Alkem Laboratories. In the index option segment, maximum OI continues to be seen in the 25900 - 26100 calls and 22900 - 23100 puts indicating this is the trading range expectation.