DIIs & FIIs book profits and bring down Nifty!
Good Evening, Everyone, A historic week comes to an end as Indian markets hit a record high since birth. This is just the start and we have miles to go.
As I had written in the pre-market report, We did expect a consolidation after so many days of bull run & we could see that today as Nifty formed a Red candle to end the day.
Right from the morning, we could see profit booking and that continued till the end of the day, forming a bearish candle on the daily charts as shown below.
Of course, no guesses are needed as DIIs & FIIs continued selling in the market for the entire day.
The DIIs sold for a net of Rs. 632 crores while the FIIs sold for a net of Rs. 69.37 crores.
Not a single sector closed above 1% toward both sides today, it was pure consolidation that took place in the market today.
IndusInd was the top gainer for the day as the Bank Nifty rejig increased the weightage in IndusInd bank and hence the buying interest was seen.
Adani ports declared good results and hence its price also went up by 2.37%
It was more of a stock-specific movement in the market than a sector-specific movement.
Cipla went into the profit booking mode after good results again and was down by 3.53% today, followed by the sell-off in Reliance by the FIIs & DIIs today, which brought down the Index today.
That's it, for now, team, Let's meet tomorrow at 7 pm in our weekend meet to discuss further on this week and the week ahead.