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.
Bear continues to drive the domestic markets on Thursday, marking the fifth consecutive session, tracking losses in index majors Infosys, RIL, and TCS. After rallying nearly 500 points earlier in the day, the S&P BSE Sensex gave up all gains to end 585.10 points or 1.17 per cent lower at 49,216.52. Similarly, the broader NSE Nifty slumped 163.45 points or 1.11 per cent at 14,557.85.
The laggards on the Sensex pack led by HCL Tech, shedding around 4 per cent, followed by Infosys, Dr Reddy’s, TCS, Reliance Industries, Tech Mahindra and NTPC.
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On the other hand, ITC, Bajaj Auto, M&M, Maruti and Bharti Airtel were among the gainers.
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Following the large-cap markets, the broader markets also plunged with MidCap and SmallCap closing at 1.3 and 1.6 per cent down respectively.
“Having seen a brisk gap-up opening on positive global cues, domestic equities fell sharply for the fifth consecutive day as sharp rise in coronavirus cases in the country made investors jittery,” said Binod Modi, Head Strategy at Reliance Securities.
A sharp rise in daily COVID-19 cases in India has raised apprehensions about sustainability of ongoing rebound in corporate earnings, he noted, adding that the mounting concerns of possible fresh economic restrictions made enthusiasm of dovish commentary from the Federal Reserve short lived for domestic markets.
After its two-day policy meeting, the US Fed reassured investors that it expects to keep its key interest rate near zero through 2023.
Stock exchanges on Wall Street ended with gains in the overnight session.
Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo, and Seoul ended on a positive note.
Bourses in Europe were also trading higher in mid-session deals.
Meanwhile, the global oil benchmark Brent crude was trading 0.40 per cent lower at USD 67.73 per barrel.
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