Vakrangee crashed 48% this week after the Company came under SEBI’s lens for alleged share price and volume manipulation. The crash has wiped out over 25,000 crore of investor wealth.
Chart Of The Day – PC Jeweller Melts Down; Stock Tanks 25%
PC Jeweller crashed by a massive 60% before recovering to close 25% down. The stock faced a backlash after speculations regarding company’s business relationship with Vakrangee caused panic selling. The stock recovered to some extent after PC Jeweller’s management denied those reports.
Weekly Big Picture – Carnage On D-Street As Bears Gain Control
MARKET PULSE:
Status: Confirmed Uptrend
Highlights:
One up and four down days
Weekly Market Review:
Bears finally managed to break the eight-week winning streak of India’s benchmark indices, helped by a budget that left investors disappointed. The return of long-term capital gains tax on equity didn’t go down well with market participants. Continue reading “Weekly Big Picture – Carnage On D-Street As Bears Gain Control”
Chart Of The Day – IIFL Holdings Packs A Punch
Investors welcome IIFL Holdings reorganisation plan of listing three separate entities for its businesses of Loans and Mortgages, Wealth and Asset Management and Capital Markets. The Company also reported strong Q3 numbers with revenue growing by 34% y/y and net profit jumping by 36% y/y.
Daily Big Picture – LTCG Tax Irks Investors; Nifty Midcap Breaks 50-DMA
Today’s Action:
Key benchmarks post small losses; midcap and smallcap stocks slide again.
Daily Market Review:
Volatility loomed over the Indian market during the entire session, as India’s Finance Minister Arun Jaitley went through his budget speech.
With the announcement of the return of long-term capital gains tax rate, key indices dived for a brief period before recovering to close with small losses. The Nifty and the Sensex settled with losses of 0.1% and 0.16%, respectively. Continue reading “Daily Big Picture – LTCG Tax Irks Investors; Nifty Midcap Breaks 50-DMA”