Sensex, Nifty Halt Record Closing Spree As RIL Drags
Closing Bell: Sensex, Nifty Halt Record Closing Spree
Indian equity benchmarks halted their record closing spree dragged by Reliance Industries after it snapped its seven-day rally.
The S&P BSE Sensex fell 0.45 percent or 174 points to 38,723 and the NSE Nifty 50 index declined 0.4 percent or 47 points to 11,692.
For most part of the day, benchmarks moved in a narrow range, but extended losses in last thirty minutes of trade.
Thirteen out of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Energy index's 1.13 percent drop. On the other hand, S&P BSE Metal index was the top gainer, up 1.1 percent.
The mid-cap shares outperformed their larger peers as the S&P BSE MidCap index rose 0.5 percent.
RIL Snaps Seven-Day Record Breaking Spree, Enters Overbought Zone
Shares of the Mukesh Ambani led oil-to-telecom conglomerate snapped its seven-day record breaking spree and fell as much as 2.2 percent to Rs 1,290.40 on heavy volumes. Trading volume was 1.5 times its 20-day average.
On the Relative Strength Index (RSI), the stock is quoting at 73, indicating that it may be overbought. A reading above 70 on the RSI indicates the stock is overbought while below 30 indicates that it is oversold.
TTK Prestige, Reliance Infra Among Fab Four Stocks Of The Day
- TTK Prestige: The Bengaluru-based pressure cooker maker rose as much as 10.25 percent to Rs 7,100 after CLSA maintained buy call on the stock and raised its target price to Rs 7,725.
- Reliance Infra: The Anil Ambani-led company rose as much as 6.33 percent to Rs 450.75 ahead of its board meet to consider transfer of Mumbai power business to Adani Transmission.
- New India Assurance Company: The Mumbai-based general insurer rose as much as 4.2 percent to Rs 254.95 after it was added to the Nifty Next 50 index.
- Future Consumer: The Mumbai-based packaged food company rose as 10.4 percent to Rs 53.80 on the back of heavy volumes. Trading volume was 5 times its 20-day average.
Sun Pharma Holds Gains After Launching Volini Maxx
Shares of the country's largest drugmaker rose as much as 1.6 percent to Rs 631.
The company has launched pain relief spray Volini Maxx and signed captain of Indian cricket team Virat Kohli as its brand ambassador, Sun Pharma said in a press release.
European Shares Mixed As Retail Stocks Fall After Inditex Cut
European shares were steady on Wednesday, following Asia markets which struggled for direction.