Indian stock markets closed dull in a choppy trade on Thursday after opening near record highs in the early morning trade. BSE Sensex dropped 21.1 points or 0.06% at 33,756.28 and NSE Nifty shed 3.9 points or 0.04% to settle at 10,440.3. The sectoral indices of NSE ended mixed with Nifty Bank, Nifty Auto, Nifty FMCG, Nifty Pvt Bank closing in red while on the other hand, Nifty IT, Nifty Media, Nifty Metal and Nifty Pharma ending in green. Shares of M&M, Maruti Suzuki, HUL, Bajaj Auto, Axis Bank, IndusInd Bank emerged as the worst performers among the Sensex stocks. Whereas shares of L&T, Tata Steel, Hero MotoCorp, NTPC, Infosys were the top gainers on Sensex. During the day, Sensex shuttled between 33,860.99 and 33,707.8 while Nifty hovered in a range of 10,473.95-10,426.9. The stock of Anil Dhirubhai Ambani Group’s Reliance Communications advanced as high as 13.49% to the day’s high of Rs 19.6 intraday and shares of Reliance Infra jumped over 13% while Adani Transmission zoomed 10% on Thursday after the Reliance Infrastructure signed an agreement with Adani Transmission to sell its Mumbai power business.
The shares of heavyweight companies such as M&M, RIL, Maruti, HUL, Axis Bank, IndusInd Bank contributed the most to the Sensex decline. Collectively these six shares washed off as much as 71 points from Sensex while a little uptick in stocks of L&T, Infosys and HDFC added about 60 points. Meanwhile, shares of Anil Ambani’s debt-laden telecom company RCom have spiked 65% in just three days on news that Mukesh Ambani’s Reliance Jio may acquire its assets. The stock of Reliance Communications has risen massively for the last three consecutive days with most of the gains booked on Wednesday’s trade. Shares of Anil Dhirubhai Ambani Group’s Reliance Communications have surged as much as 65.67% to Rs 19.6 in the last three-day period. RCom ended up 4.05% at Rs 17.97 on BSE.
Reliance Infrastructure today signed a definitive binding agreement with Adani Transmission Ltd (ATL) for 100% stake sale of its Mumbai Power Business which includes the integrated business of generation, transmission and distribution of power for Mumbai, Reliance Infrastructure said in a press release. The stock of Reliance Infrastructure moved up 13.41% to the day’s high of Rs 528.75 before ending up 9.85% at Rs 512.1 on NSE. Following the development, shares of Adani Transmission also spiked in very quickly. The stock of Adani Transmission hit an upper circuit rising by 10% to Rs 225.3 on BSE.