Nifty closes near day’s low point; settles below 23900 mark

12 Nov 2024 Evaluate

Indian equity benchmark -- Nifty -- extended its losing streak for fourth consecutive session and witnessed sharp decline on Tuesday, dragged by banking, financial, and auto sectors’ stock. Index made a positive start, as traders took some support with Union Minister Hardeep Singh Puri highlighting that India is moving towards a gas-based economy from the imported crude-based economy for its energy requirements. The minister stated that in recent years the government has taken transformative steps to increase domestic gas production and reduce India’s reliance on imports. Further soon market turned volatile amid foreign fund outflows dented investor sentiments. As per NSE data, Foreign Institutional Investors (FII) were net sellers of Indian equities worth Rs 2,306.88 crore on November 11.

Index slipped into deep red in late afternoon session, as investors sold out their riskier stocks. Traders overlooked the Union Minister of Commerce and Industry Piyush Goyal’s statement that a $2 trillion export can only be achieved by collective efforts of all stakeholders. He emphasized that this goal requires a strategic and collaborative effort, building on the momentum of India’s expected $800 billion in exports this year. Finally, index ended near day’s low point with over percent cut.

Most of the sectorial indices ended in red except Realty and IT stocks. The top gainers from the F&O segment were Jubilant FoodWorks, Ramco Cements and L&T Technology Services. On the other hand, the top losers Britannia Industries, Samvardhana Motherson International and Multi Commodity Exchange of India. 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.