Gujarat Exclusive > National-World > Amid missing Aramco deal, Reliance registers huge selloff; Sensex ends 19 points higher

Amid missing Aramco deal, Reliance registers huge selloff; Sensex ends 19 points higher


Investors on Dalal Street were mostly left unimpressed by Reliance Industries’ 43rd annual general meeting (AGM) on Wednesday even as it made a slew of big-bang announcements, leading to a huge selloff in the stock that weighed heavily on Sensex with the benchmark erasing over 750 points gains to end marginally higher.

The investors ignored big announcements at the company’s AGM and were disappointed that its deal with Saudi Aramco was not proceeding as planned earlier.

Another record surge in India’s coronavirus infections also continued to bother market participants.

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Sensex closed merely 19 points higher at 36,052. Earlier in the day, it had risen as much as 777 points to 36,810. Peer Nifty added 11 points to close at 10,618.

India’s most valued firm RIL alone led to a fall of 210 points for the benchmark Sensex, as its shares closed 3.71 per cent lower at Rs 1,845.60. Banks and financial stocks too added to losses.

RIL announced Google’s investment in Jio Platforms, Jio’s 5G foray and a host of other announcements at its AGM but lack of a deal with Aramco disappointed investors.

Earlier in the day, the stock had risen as much as 3.23 per cent to a new record high of Rs 1,978.50. The selloff in the stock blew away investor’s wealth by Rs 1.26 lakh crore as the market cap of the company slid to Rs 11.7 lakh crore.

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On the other hand, shares of IT companies were the top contributors to Sensex’s gains. IT major Infosys was the best performer as it rallied 6.16 per cent ahead of its June quarter results while larger rival Tata Consultancy Services (TCS) gained 2.85 per cent.

BSE IT index ruled the charts with a 4.89 per cent gain. BSE Telecom index was the top sectoral loser as it shed 3.63 per cent while BSE Energy index followed next with a 3.23 per cent decline.