Tag: consolidation

Benchmark indices crashed for the fourth day in a row today(22nd Nov.2021). In the biggest daily plunge on Dalal Street since April, investors lost as much as Rs 7.86 lakh crore in equity wealth. All sectors bled profusely along with broader markets. The repeal of the agriculture laws had an impact on the PSU stocks while the O2C deal not going through left a deep cut on Reliance. Even as IPO Investors come to terms with the reality, the inflationary impact on demand across several sectors continues to worry the street. The 30-share pack Sensex tanked 1,170.12 points or 1.96 percent to close at 1,170.12. This was after the index pared some losses due to late buying. Its broader peer NSE Nifty declined 348.25 points or 1.96 percent to 17,416.55 Read more

On Friday 12th June Nifty50 tested the 9,550 level, before a smart rebound. At one point and it looked like the index would reclaim the 10,000 level, but missed it by a whisker. The index formed a long bullish candle on the daily chart with a marginal upper wick. Analysts said the recovery following a gap-down opening was encouraging, but a 'Bearish Engulfing' candle on the weekly chart is not. Analysts see consolidation ahead. The index closed the day at 9,972, up 70.90 points or 0.72 percent. “The intraday recovery,” said an expert, “halted near the key hourly moving average that had earlier restricted the index from climbing above the psychological mark of 10,000.” "The weekly chart is showing signs of weakness, as the index has formed a Bearish Outside bar near the key weekly moving averages. The recent high of 10,328 becomes a major hurdle for Nifty now. On the flip side, Friday's low of 9,544 will become short-term support," he said.

The Centre is likely to designate the banking/financial sector strategic under the new privatisation policy, the contours of which are nearing finalisation. According to sources discussions had also been held on privatising some state-owned banks that are not on the consolidation list so far. As part of the ‘Atmanirbhar Bharat’ package and according to the new privatisation policy, announced by FM Nirmala Sitharaman the government will come up with a list of strategic sectors. In each strategic sector, no more than four state-owned companies will exist. After the latest round of consolidation of public sector banks, there are currently 12 PSBs. Read more