News of the surprisingly unceremonious sacking of the Tata Sons Chairman sent a shock wave through the Indian stock market. The initial reaction was a sell-off in most of the stocks of Tata companies.
As Cyrus Mistry refused to back down without a fight and chastised the Tata Sons board of directors for their unprofessional attitude, FIIs voted with their feet.
Their total net selling in equities touched nearly Rs 24 Billion during the first three trading days of the week. As per provisional figures, DIIs were net buyers of equity worth Rs 17 Billion - not enough to prevent Nifty from dropping below its 20 day and 50 day EMAs.
-- As Cyrus Mistry refused to back down without a fight and chastised the Tata Sons board of directors for their unprofessional attitude, FIIs voted with their feet.
Their total net selling in equities touched nearly Rs 24 Billion during the first three trading days of the week. As per provisional figures, DIIs were net buyers of equity worth Rs 17 Billion - not enough to prevent Nifty from dropping below its 20 day and 50 day EMAs.
Read more at:
http://investmentsfordummieslikeme.blogspot.in/2016/10/nifty-chart-midweek-technical-update_26.html
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