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NEW DELHI: Domestic benchmark equity indices continued to trade in the negative for the second day today led by selling in financials and pharma counters amid mixed domestic and global cues.
FII buying has been the mainstay of the current rally, pushing it to record highs. Better than expected Q3 numbers so far has also helped the sentiments. However, analysts believe the market is likely to consolidate now. This has been a buy on dips market for months now. Sustained FII buying has been the main catalyst behind this strategy. Of late, better than expected corporate results have been supporting this strategy. Nothing warrants a change in this strategy now. But the market is likely to move into a consolidation phase for the short-term since the big news regarding the US presidency is behind us and the milestone of 50,000 Sensex was reached, said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
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Amazon declined to comment on Mr Biyani s remarks. Reliance did not respond to a request for comment.
The Securities and Exchange Board of India (SEBI), the market regulator that has been reviewing the deal for months, did not respond to a request for comment.
SEBI and India s stock exchanges could still reject or take more time to approve the deal, which is critical for the survival of Future Retail, whose more than 1,700 outlets were hit hard by the Covid-19 pandemic.
Future Retail has warned that failure to close the deal could lead to the company s liquidation and job losses for more than 29,000 employees.