Market winning streak ends as RIL shares shed 2.1% after SC order

The Supreme Court rules against merger of Future Retail with RIL's arm Reliance Retail; Sensex down 215 pts to 54,278 at close

The market’s four-day winning streak came to an end on Friday after index heavyweight Reliance Industries’ shares declined 2.1 per cent after the Supreme Court ruled against the merger of Future Retail with its arm Reliance Retail.

The Sensex fell 215 points, or 0.4 per cent, to end at 54,278. The index gained 3.2 per cent during the week---its biggest weekly advance since May 21. The Nifty 50 index fell 56.4 points, or 0.35 per cent, to end at 16,238, with 27 of its components ending with losses.

This week’s gains come on the back of aggressive buying for overseas investors and hopes of economic revival following improvement in key high-frequency indicators. The weakening of the US dollar and drop in the US bond yields also are seen as the driving factor behind the surge in risk appetite among investors.

IndusInd Bank rose 3.1 per cent, most among Sensex and Nifty components. Market players said the gain was on account of inflows from passive funds due to Bank Nifty rebalancing.