However, in a behaviour typical of the markets of buying on rumours and selling on news, the ITC stock that had hit a record high of ₹499.6 in the trading session on Monday eventually retreated 4%. The stock has gained over 40% year-to-date and the expectation of the demerger of its hotel business played a large role in this rally.
Tech view: Nifty forms small-bodied indecisive candle as bulls develop cold feet at 26k. How to trade tomorrow
Domestic benchmarks are attempting to sustain new highs, driven by the US Fed’s aggressive rate cut. Meanwhile, the Chinese central bank’s rate cut, and additional