Indian stock markets closed lower on Wednesday after making all new record highs in the morning trades amid profit booking ahead of F&O expiry due tomorrow. BSE Sensex dropped 98.8 points or 0.29% to finish at 33,911.81 and NSE Nifty settled down 40.75 points or 0.39% at 10,490.75. The slump in shares of heavyweight companies such as ICICI Bank, HDFC Bank, ITC, Reliance Industries, L&T, TCS, Bharti Airtel, SBI led the indices to slip from their respective peaks. Sensex snapped its two-day gaining streak, plunged 154.2 points to hit a day’s low of 33,856.41 while Nifty lost 62.25 points to mark the day’s low at 10,469.25. During the day, the benchmark Sensex rose as much as 127.36 points to hit the lifetime high of 34,137.97 while the wider 50-share index Nifty made it at 10,552.4, rising by 20.9 points.

Shares of Sun Pharma surged over 9% today after the US health regulator accepted a new drug application (NDA) for dry eye solution filed by the company’s wholly-owned subsidiary. The stock of Sun Pharmaceuticals rose as much as 9.16% to the day’s high of Rs 590 on BSE. “The US Food and Drug Administration (USFDA) has accepted a new drug application (NDA), filed by its wholly owned subsidiary, for OTX-101 (cyclosporine A, ophthalmic solution),” Sun Pharmaceutical Industries said in an exchange filing. Shares of Dr Reddy’s, Wipro, M&M, HUL were the notable gainers other than Sun Pharma. On the other hand, shares of ICICI Bank, Bharti Airtel, State Bank of India, Tata Consultancy Services, Larsen & Toubro, Bajaj Auto, Reliance Industries, IndusInd Bank, HDFC Bank, Tata Motors, Power Grid, ITC shed up to 1.9%

Shares of Anil Dhirubhai Ambani Group’s telecom company RCom has more than doubled in the 6 days of trading. The share of Reliance Communications which emerged as a wealth destroyer and was on a continuous downslide from January 2016 has regained partially after Anil Ambani presented a revival plan on Tuesday to pull up the company from heavy debt burden. The stock of Reliance Communications surged as much as 135% to Rs 29.95 in a 6-day period from 19 December to 27 December. A massive trading volume had been observed in shares of Reliance Communications from the last 5 days. Yesterday only, when group’s Chairman Anil Ambani was addressing the press conference, about 56 crore shares exchanged hands in the day.

The stock of Reliance Communications jumped 32.3% to hit a 7-month high of Rs 29.95 before closing up 32.56% at Rs 28.5 on NSE while the stock rose 40.41% to Rs 29.95 before settling up 34.04% at RS 28.59 on BSE on Wednesday. Today, more than 87 crore shares exchanged hands on both BSE and NSE with about 78.14 crore shares on NSE alone. Following a huge 6-day spurt in the share price of Reliance Communications, the market capitalisation of the company have moved from Rs 3,534.33 crore to Rs 7,906.66 crore (at Rs 28.59 per equity share on BSE). Earlier on Tuesday, RCom shares zoomed as high as 41% in the intraday trades after Anil Ambani said the total debt of the company would be reduced by Rs 39,000 crore and the company will close all the transactions by January-March 2018.

Among the group ‘A’ stocks other than RCom and Sun Pharma, shares of Prestige Estates, JP Associates, Sun Pharma Advanced Research Company, Fortis Healthcare, Videocon, and Rallis India jumped up to 8.4%. Shares of Bajaj Group firms, Bajaj Auto, Bajaj Holdings, Bajaj Finserv, Bajaj Electricals and RCom emerges as the volume toppers on BSE.