Good Evening Everyone,
Though there was huge selling in the initial phase of the market opening, markets then recovered during the day to finally end the day in green, continuing to create record highs. But this time FIIs again turned villains and went on for net selling today.
The FIIs sold for a net of Rs. 719.88 crores and DIIs net bought for Rs. 731.92 crores.
On the daily chart, Nifty has formed an indecisive candle which shows that tomorrow either the bulls or the bears will take over and we need to wait and watch.
The VIX was down by 2.57% today which shows that the markets are consolidating and volatility is coming down, which also means the markets will be more stable for some time from now.
Metals, IT & FMCG sectors led the day today. Of course, our favorite ITC finally broke out and led the FMCG sector.
After IDEA fell today, It led to Bharti airtel moving up vigorously to almost close to its all-time high today. Analysts feel that now Airtel will have a fair market share as the market is dominated only by Jio or Airtel.
The share price of Reliance Industries (RIL) ended 1 .4 percent higher after the company said it will double its polyethylene terephthalate (PET) recycling capacity to 5 billion by setting up a facility in Andhra Pradesh. Srichakra Ecotex India Pvt Ltd will exclusively build and operate the new recycled PSF–Recron GreenGold and PET flakes wash-line in Andhra Pradesh.
State Bank of India’s (SBI) share price ended over 3.3 percent lower, a day after the state-run largest lender reported its June quarter earnings due to profit booking.
The share price of Vodafone-Idea (Vi) continued to lose ground for the third straight session, falling nearly 15 percent in the opening trade. The stock hit a fresh 52-week low to Rs 4.55 per share. The decline in the share price continued as Kumar Mangalam Birla stepped down as the Non-Executive Chairman and Director of the board of Vodafone-Idea on Wednesday.
However, the stock recovered and ended 1.49 percent lower at Rs 5.94 apiece.
That's it, for now, team, let's catch up tomorrow morning with the premarket news.