Markets close less; Reliance Industries is not functioning

Markets saw profit bookings during today’s trade, closing its lows after a major short cover rally during the last two trading sessions.

Both the Nifty and the Bank Nifty index closed 2 0.2% lower. Reliance Industries was one of the best performers, contributing to the majority of the Nifty’s losses, closing 3 1.3% after the company reported lower-than-expected quarterly earnings.

The Nifty Midcap 100 index was down the benchmark index, down .05 0.05%.

The market width ended in favor of the decline as the forecast/decline ratio ended at 1: 1x. The Nifty saw long positions in the daytime unaware.

Prior to options (expiring July 29, 2021), the Nifty index was low, so call options were seen across the board writing during strikes. The India Vix index rose 6% to close at 12.45.

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