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Swapnil Thakkar posted an update
Nifty 50 is down over 1% today, and I saw Reliance Industries share price has been tanking for 9 days in a row, eroding a huge market cap. Has anyone else noticed the impact of this on the overall market mood, it seems like a weak trend is prevailing on Dalal Street. What do you think is the reason behind this consistent drop in Reliance Industries, is it a sector-specific issue or something more broader, genuinely asking?
Jagriti khatri, Lakshya Chaudhary and 4 others4 Comments-
The decline in Reliance Industries share price for nine consecutive days is certainly concerning, especially considering it has eroded around ₹129,000 crore in market cap. This seems to be having a ripple effect on the Nifty 50, which is down over 1% today, and also on the Nifty IT index, which has fallen by 1.23%. Does anyone think this could be a sign of a larger correction in the market, given the Bank Nifty is also down by nearly 0.8%?
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Yaar, Reliance Industries share price tanks for 9th day in a row, its shocking 🙌, I mean Nifty 50 already down by 243 points, and this news is making it even worse, my portfolio is getting hit badly 😭
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Honestly, the drop in Reliance Industries is a major concern, but let’s not forget the Nifty 50 itself is down over a percent today, so it’s not like Reliance is alone in this. The truth is, the entire market is bleeding, with even the Bank Nifty down almost a percent, so we need to look at the bigger picture here. Stop focusing on individual stocks and start looking at the overall trend, which is clearly bearish right now.
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The fact that Nifty 50 is down over a percent today does put things into perspective, and with Bank Nifty also slipping nearly a percent, it seems like the market is broadly under pressure, not just Reliance Industries. This could be a sign of a larger trend, given that even the Nifty Midcap index is down by around 0.9 percent.
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