Nifty extends losing streak for seventh consecutive session

18 Nov 2024 Evaluate

IIndian equity benchmark -- Nifty -- ended Monday's trading session in negative territory ahead of Maharashtra assembly election. After making a positive start, soon index slipped into deep in red, as traders were worried amid constant foreign fund outflows. Foreign Institutional Investors (FIIs) sold shares worth Rs 1,849.87 crore on November 14. Some cautiousness also came as Reserve Bank Governor Shaktikanta Das said that the central bank has ensured a soft landing after having faced with various headwinds, but risks of inflation coming back and growth slowing down do remain. Besides, India’s foreign exchange reserves declined for the sixth straight week, mainly due to the Reserve Bank of India’s intervention in the foreign exchange market as the rupee came under pressure from sustained foreign investment outflows.

In afternoon session, index came off from day’s low point but continued to trade in red, as traders were cautious amid reports stating that overseas investors are cutting their holdings of Indian bonds at the fastest pace since at least June, as rising US yields damp the appeal of the Asian nation’s fixed-income securities. Finally, index settled below 23500 mark.

Traders were seen piling up positions in Metal, FMCG, and Auto stocks, while selling was witnessed in IT, Media and Healthcare. The top gainers from the F&O segment were National Aluminium Company, Muthoot Finance and Hindalco Industries. On the other hand, the top losers were Indraprastha Gas, Mahanagar Gas and Gujarat Gas. In the index option segment, maximum OI continues to be seen in the 23900 - 24100 calls and 22900 - 23100 puts indicating this is the trading range expectation.