Sensex, Nifty give up day’s gains as Mukesh Ambani disappoints investors on this front, RIL tanks 3.7%

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Published: July 15, 2020 4:48 PM

After hitting a new 52-week high of Rs 1,978.50 in intraday deals, Reliance Industries shares plunged 3.71 per cent at close.

Sensex, nifty, rilSectorally, Nifty IT index rallied the most, jumping 5.24 per cent led by gains in Wipro, NIIT Technologies, Infosys

Led by the last hour sell-off, headline indices BSE Sensex and Nifty 50 pared all the morning gains and ended flat in Wednesday’s volatile session. The 30-share index Sensex ended up 19 points at 36,052, while NSE’s Nifty 50 close the session at 10,618, up just 10 points. Index heavyweights such as Reliance Industries (RIL), Bharti Airtel, HDFC Bank, Bajaj Finance were major contributors in the Sensex plunge today, dragging the index 758 points from day’s high. “The indices which showed robust gains, and were up over 1% for the most part of the day, gave it all up before closing flat with a slight positive bias. Global cues were also positive after results from experimental vaccine trials progressed as expected. This optimism offset growing concerns regarding increasing infections, especially in the US and India and also regarding the US-China tensions,” said Vinod Nair, Head of Research at Geojit Financial Services.

RIL shares plunge 4% post AGM: After hitting a new 52-week high of Rs 1,978.50 in intraday deals, Reliance Industries shares plunged 3.71 per cent at close. The fall in RIL stocks was witnessed after the company announced that Saudi Aramco deal has not progressed as per their original timeline, say analysts. “The stock price of Reliance has witnessed a decline towards the end of the AGM since most of the news was already priced in and there were not many surprises. Hence it will see some correction to levels of 1750 in the short term but the long-term growth trend is still intact for this stock,” said Nirali Shah, Senior Research Analyst, Samco Securities.

IT stocks help Sensex to stay in green: Out of 30 Sensex stocks, Infosys was the top Sensex gainer, up 6.16 per cent followed by HCL Tech, TCS and Tech Mahindra. On the other hand, Bharti Airtel, ONGC, IndusInd Bank, State Bank of India (SBI), Asian paints, along with RIL were among the top Sensex laggards.

Nifty IT index jumps 5.24%: Sectorally, Nifty IT index rallied the most, jumping 5.24 per cent led by gains in Wipro, NIIT Technologies, Infosys. Nifty Pharma, Nifty FMCG, Nifty Auto and Nifty Metal also settled in the positive territory.

Broader market: The broader market underperformed the benchmark indices. The S&P BSE MidCap index ended 0.35 per cent or 46.27 points down at 13,230.33 while the S&P BSE SmallCap index settled at 12,659, down 0.05 per cent or 6.24 points.

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