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Sensex slips 758 pts from day's high, ends 19 pts up; RIL dips 4% post AGM

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MARKET LIVE | Markets | Reliance Industries Ltd

SI Reporter  | New delhi 

EVENT HIGHLIGHTS

Erasing all its morning gains, the Indian stock market ended flat with positive bias on Wednesday, mainly, on selling in Reliance Industries (RIL), Bharti Airtel and HDFC Bank. 

RIL shares reversed their morning gains and ended 4 per cent lower at Rs 1,840 on the BSE after its 43rd annual general meeting (AGM). Among major announcements, RIL Chairman Mukesh Ambani informed that Google will invest Rs 33,737 crore for a 7.7 per cent stake in Jio Platforms. The company also said that the Saudi Aramco deal has not progressed as expected due to disruption in energy owing to the Covid-19 pandemic but it remains committed to the deal. CLICK TO READ AGM HIGHLIGHTS

The S&P BSE Sensex today slipped 758 points from day's high to end flat at 36,052 levels, up just 19 points. The index had hit a high of 36,810.25 in the intra-day deals. IT major (up 6.5 per cent) ended as the biggest gainer on the index while RIL was the top loser. 

NSE's Nifty ended at 10,618 levels, up 11 points or 0.10 per cent.

In the broader market, the S&P BSE MidCap index ended 0.35 per cent lower at 13,230 points while the S&P BSE SmallCap index settled at 12,659, down 0.05 per cent.  

Sectorally, IT stocks rallied the most in trade today. The Nifty IT index jumped over 5 per cent to 16,459.80 points. Nifty Pharma and Nifty FMCG also ended in the green while Nifty PSU Bank ended over 1 per cent lower. 

Global markets

European shares rebounded on Wednesday from losses in the previous session, bolstered by positive updates on a potential COVID-19 vaccine, while investors weighed a mixed bag of quarterly reports at the start of earnings season.

In commodities, oil prices rose following a sharp drop in US crude inventories, with the market waiting for next steps from a meeting later in the day on the future level of output cuts by OPEC and its allies. Gold surged to a one-week high.

(With inputs from Reuters)

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