The country?s equity indices continued their negative streak, following intense selling in Sensex heavyweight Reliance Industries (RIL), coupled with weak cues from European markets. During the final hours of trading, huge profit-booking was witnessed in the domestic markets. RIL declined 4.3% to Rs 1,952.50 following petroleum minister Murli Deora?s statement that the government is the sole owner of natural gas produced at fields operated by the company.
Dealers say investors continued to sell RIL stocks after the Bombay High Court had last week ordered it to sell gas to Anil Ambani-owned Reliance Power at a lower price. Meanwhile, the 30-share Sensex of the BSE lost 195.67 points, or 1.35%, to close at 14,326.22 points. The Nifty was down 78.35 points, or 1.82%, to end at 4,235.25 points.
An analyst from a leading broking house said, ?Despite domestic markets opening the day in green, huge selling by retail investors and domestic institutional investors was witnessed in the markets. Apart from that, investors are cautious ahead of the expiry of futures and options (F&O) contract this Thursday and the announcement of the Budget next month.?