Reliance at 52-week low
Reliance truly crapped out today, closing 8% down at ~1750. As with the Nifty, there was steady selling all through the day:
Today’s volume was 10.7M shares (turnover of Rs 1928 crores), one of the highest this year. Note also that Reliance is the largest constituent of the Nifty-50 index, accounting for ~ 11.8% by weight.
Whether its FIIs/hedge funds selling or not, this is not a good sign for bulls. The earnings season hasn’t even started yet, and already a lot of cyclical stocks/sectors are starting to crap out (eg. see the double-digit drop in steel stocks).
PS: Wow - FIIs net sold stocks worth Rs 1662 crore on the NSE. Tough to miss institutional distribution if you were watching the markets intraday.
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