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Reliance Industries, Tata Steel, JSW Steel, HDFC Life and Bharti Airtel were among the top gainers on the Nifty, while losers were HCL Technologies, Titan Company, Power Grid Corporation, TCS and HUL.
In May, SpiceJet clarified and assured investors that it has no plans of filing for insolvency even as it faces a financial crunch. “There is absolutely no question of filing for insolvency. Any rumours regarding the same is completely baseless. We are focussed firmly on reviving our grounded fleet and getting more and more planes back into the air,” Ajay Singh, Chairman and Managing Director, was quoted as saying in a media release.
The counter has witnessed a breakdown of the head and shoulders formation on the daily chart with huge volume. The overall structure of the counter has become distorted as it trades below its important moving averages (200, 50, 20, and 9 SMA).
A 5-year swing high represents the highest price a stock has reached within a five-year timeframe. This level acts as a significant resistance point where the price has historically struggled to go beyond.
We have not really seen a very large major correction play through. We had a correction in 22. And barring that, I think the last correction that we had when market went from 18600 to about 16800 or so, barring that correction, we have had a fairly less volatile market as compared to many other markets in the aftermath of a very large run.
Global investment firm Bernstein in a May report valued the holding company of Reliance Retail, called Reliance Retail Ventures (RRVL), at $131 billion (₹10.82 lakh crore). RIL owns 85% of RRVL, which in turn owns more than 99% of Reliance Retail.
India’s leading equity benchmarks fell nearly 1%, their biggest single-day drop since mid-April — after briefly touching fresh all-time highs in Friday’s trading — dragged down by heavyweight financials, technology, consumer staples and utilities.
The market shouldn’t take a bearish view on Chinese banks based on pessimistic assumptions, and negative premises are misinterpretations of the facts, according to a Securities Times report Friday, referring to a Tuesday research note from Goldman. Banks have been actively lowering their exposure to property loan risks, while local governments have stepped up efforts to ease debt risks, the Securities Times said.