Nifty ends flat with negative bias on Tuesday

10 Dec 2024 Evaluate

Indian equity benchmark -- Nifty -- ended Tuesday’s trading session on flat with minor losses ahead of this week's IIP and inflation numbers. After making a cautious start, soon index traded just above its neutral line in most of the part in morning session, as trades took some support after foreign institutional investors (FIIs) bought equities worth Rs 724.27 crore on December 9. Sentiments were upbeat with private report stating that India retail inflation likely fell to 5.53% in November after breaching the central bank’s 6% upper tolerance band in October as the arrival of fresh produce to markets moderated soaring vegetable prices.

However, index turned negative in noon deals, as traders were cautious with the report stating that GST officers have detected cases of ITC evasion of Rs 35,132 crore by 17,818 fake firms between April-October and arrested 69 persons. Investors overlooked the Ministry of Labour & Employment in its latest release has showed that retail inflation for farm workers and rural labourers witnessed a notable decline in the month of October 2024, easing to 5.96% and 6%, respectively as compared to 7.08% and 6.92% in October 2023. In last leg of trade, index came off from day’s low points to end flat.

Traders were seen piling up positions in Realty, IT, and PSU Bank stocks, while selling was witnessed in Media, Oil & Gas and Pharma. The top gainers from the F&O segment were Cholamandalam Investment and Finance Company, FSN E-Commerce Ventures and RBL Bank. On the other hand, the top losers were Life Insurance Corporation of India, Adani Green Energy and HFCL. In the index option segment, maximum OI continues to be seen in the 24900 - 25100 calls and 23900 - 24100 puts indicating this is the trading range expectation.