new Delhi. Domestic stock markets lost their full day on Wednesday as major stock indices closed marginally higher due to a sell-off in heavyweight Reliance Industries Ltd. shares in the final hours of trading.
The 30-share sensitive index Sensex of the BSE climbed 777 points at one time during trading on positive sentiment generated by the possibility of Kovid-19 vaccine and signs of a rally in global markets. Its momentum reversed in the last hours of trading and closed at 36,051.81 points with a gain of just 19 points, or 0.05 percent. The NSE Nifty likewise closed at 10,618 points with a slight gain of 11 points ie 0.10 percent. It had jumped 220 points during the business. Reliance Industries, the largest weighting company in the Sensex, lost nearly four percent. Earlier, the company's stock reached an all-time high of Rs 1,978 during trading. However, after the company's annual general meeting, investors started booking profits in Reliance Industries. Mukesh Ambani, chairman of Reliance Industries, announced an investment of Rs 33,737 crore by Google to buy a 7.7 percent stake in Jio Platforms at the annual general meeting.
Among other Sensex companies, Bharti Airtel, ONGC, IndusInd Bank, Bajaj Finance and State Bank of India (SBI) also declined. On the other hand, Infosys shares rose nearly six percent before the quarterly results were announced. HCL Tech, TCS, Tech Mahindra, Axis Bank and Hindustan Unilever closed down well. According to traders, domestic investors are excited about the expectation of Kovid-19 vaccine during most of the season. Two companies in India have started testing humans on vaccines. In addition, a US company has successfully completed the initial phase of human testing of its vaccines. The businessmen said that the sell-off of Reliance Industries shares at the last minute has curbed the rally in the stock market. Among the Asian markets, Hong Kong's Hang Seng, Japan's Nikkei and South Korea's Kospi continued to lead. However, China's Shanghai Composite closed down.
This post was published on July 15, 2020 9:03 pm
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