Tesla maintains $1 tn cap despite Musk selling more shares


San Francisco, Nov 17 | Despite CEO Elon Musk continuing to sell shares, electric vehicle company Tesla has managed to maintain its $1 trillion market cap, media reports said.

In a new SEC filing, the automaker disclosed that Musk exercised another tranche of 2.1 million stock options and sold roughly half of them again. It brings the total sale of stock from Musk to around $8 billion over the last week.

According to the auto-tech website Electrek, he is still less than halfway through his sale if he sticks to his plan of selling 10 per cent of his holding.

The move has been putting pressure on Tesla’s stock price, which happened to reach a new all-time high and valuation of over $1 trillion just before Musk announced the sale, the report said.

The CEO also questioned the new increase in valuation based on Hertz ordering 100,0000 Tesla vehicles, it added.

Since Musk started selling, the stock briefly dipped below its new $1 trillion dollar valuation, but Tesla’s stock was up 3 per cent on November 16 — solidifying the company’s $1 trillion market cap.

On top of Tesla’s stock, Rivian has been on a significant uptrend since going public last week.

Source: IANS

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Share Market Closing Bell: Nifty ends above 15,800, Sensex gains 180 pts

Share Market Closing Bell: Nifty ends above 15,800, Sensex gains 180 pts

The benchmark Indices Nifty started on the positive side after continuous sell off in last week and has managed to settle at 15842.30 with 60 point gain or 0.38 percent. However Nifty has failed to regain 16000 levels prior to LIC listing.

While Bank nifty has managed to settle at 33597.60 levels after gaining 1.44 percent. On the sectoral front, Nifty PSU Bank, Nifty Realty and Auto have contributed 2-3 percent gain on closing basis. On the flip side Nifty IT and FMCG ended with losses of 0.75 percent and 0.35 respectively. In Nifty, EICHERMOT, APOLLOHOSP and UPL were the top gainers while ULTRACEMCO, SHREECEM and ASIANPAINT were the prime laggards.

Technically, after forming the bearish candle on the weekly chart, the index has formed a Doji candlestick on the daily chart which shows indecisiveness among the trades. Moreover, the index has also faced a resistance from falling trend lines and showed profit booking from higher levels. However, Fibonacci retrenchment also has support around 15650 levels.

Traders may find buying opportunities for short term as if 15650 levels is protected. In the hourly chart, with support of the middle Bollinger band short term upside movement is expected. Stock specific action would drive the market in coming days too.

On the derivatives front, the highest call OI is at 16000 strike price followed by 16200 strike prices while on the put side, highest OI is at 15500 strike price. INDIA VIX closed at 24.53 with gain of 4.43 percent intraday indicating volatility is going to remain till weekly expiry . On the other hand, Bank nifty has support at 32600 levels while resistance is placed at 34500 levels.

Sumeet Bagadia
Executive Director
Choice Broking

Source: Choice India



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