Bears have taken over Dalal Street with Sensex and Nifty erasing all gains made since February 3. Yesterday’s nosedive by Sensex erased 1,145 points with the benchmark index closing at 49,744 while the 50-stock Nifty tanked 306 points and gave up 14,700 mark. Rising bond yields, inflation worries across the globe, and the resurgence of coronavirus cases domestically are believed to be troubling the stock markets. On Tuesday morning, SGX Nifty was up 70 points, hinting at a gap-up start. Some Analysts do believe a relief rally could be in the offing after the massive fall in headline indices.
Mukesh Ambani’s Reliance Industries Ltd (RIL) expects to complete the re-organisation of its oil-to-chemical business by the second quarter of the coming financial year. On Monday RIL unveiled a plan which will see the O2C business becoming a wholly-owned subsidiary of RIL. The subsidiary will consist of all refining, marketing and petrochemical businesses. Both Sibur and BP JVs will be included in the hived-off subsidiary. The O2C business has also been given a loan of $25 billion by the parent RIL. The firm has said that the re-organisation will facilitate participation by strategic investors and marquee sector-focused investors.