Tug of war between Reliance & Amazon
Reliance led by Mukesh Ambani and Amazon by Jeff Bezos are currently in a tug of war over Future Group, on domestic equity markets.
Reliance Industries was the biggest drag on blue chip indices as investors dumped shares fearing it may not be able to complete the acquisition of Future Group assets. Selloff in banking and auto shares also deepened the market crash.
“Markets started the week with a cut of over a percent, pressurized by feeble global cues and not so supportive domestic factors. The news of rising COVID cases across Europe and the US is haunting markets across the globe including ours. Besides, participants are hoping for some clarity over the US stimulus package before the US election. Amid all, domestic earnings announcements are further adding to the volatility,” said Ajit Mishra, VP – Research, Religare Broking.
Among bluechip names, HDFC Life Insurance was the biggest gainer, up 3.16 per cent at Rs 582.35. Nestle India, Kotak Mahindra Bank, IndusInd Bank, SBI Life Insurance, L&T and Power Grid were among other major gainers, rising 1-3 per cent.
Hero MotoCorps was the biggest Nifty loser, crashing 6.69 per cent to Rs 2,902.85. Bajaj Auto, Hindalco, M&M, JSW Steel, UPL, Tata Steel and Reliance Industries were among other top losers from the pack, down 3-6 per cent
Polycab India, Syngene International, V-Guard, Thyrocare Technologies, Kaveri Seeds Company and KEI International were among the top gainers from mid and smallcap indices, rising 3-8 per cent.
Broader market indices also suffered losses, following their headline peers. Nifty Smallcap dropped 1.02 per cent while Nifty Midcap dropped 1.71 per cent. Nifty 500, the broadest index on NSE, fell 1.36 per cent.
On the other hand, Coforge, Jindal Steel, Indiabulls Ventures, Laurus Labs, India Cements and Indiabulls Real Estate were major losers from broader market space, falling in the range of 4-8 per cent.
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