Reliance Industries’ stock tanks 23 pc from its July high
The stock of Reliance Industries Limited (RIL), India's largest company by market capitalisation, has slipped by 23 per cent from its highest level in July this year.
Indian equity indices closed flat on Tuesday amid mixed global signals and the absence of significant new catalysts.
Sensex closed with a slight fall of 4.40 points at 82,555 while Nifty rose by one point at 25,279. Market sentiment was positive.
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On the Bombay Stock Exchange (BSE), at closing 2,011 shares were in the green, 1,925 shares in the red, and 118 shares without any change.
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In the Sensex pack, ICICI Bank, Bajaj Finserv, Titan, Nestle, HDFC Bank, Wipro, SBI, M&M, L&T, Kotak Mahindra, and UltraTech Cement were the top gainers. Bajaj Finance, Infosys, JSW Steel, HCL Tech, IndusInd Bank and Bharti Airtel were the top losers.
Among the NSE indices, Nifty fin service, Nifty pharma and Nifty private bank contributed the most. Nifty auto, Nifty IT, Nifty metal and Nifty realty fell the most.
According to market experts, amid mixed global signals and the absence of significant new catalysts, aside from the anticipated Fed rate cut, which is already factored in, the domestic market took a breather.
Mild caution emerged due to a recent slowdown in manufacturing activities, which indicates a slowdown in demand, the experts said.
Buying was seen in the midcap and smallcap stocks. The Nifty Midcap 100 index was up 145 points or 0.25 per cent at 59,297 and the Nifty Smallcap 100 index was at 19,326, up 82 points or 0.43 per cent.
However, predictions of an above-normal monsoon extending through September and accelerated capex by the GoI in the H2FY25 boosted consumption and rural-based stocks like FMCG stocks, the market experts added.
Shrey Jain, Founder and CEO of SAS Online, said: “The Nifty is expected to consolidate around current levels, with the potential for limited upside due to aggressive call writing across multiple strike prices. On the downside, the 25,200 level is anticipated to provide key support.”
The foreign institutional investors (FIIs) extended their buying as they bought equities worth Rs 1,735.46 crore on September 2, while domestic institutional investors bought equities worth Rs 356 crore on the same day.
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