Markets break seven-day winning streak

The Sensex broke the seven-day winning streak and ended in the red as the much-talked about Reliance AGM did not lived up to its expectations. The index opened flat owing to lacklustre global cues. The BSE benchmark touched a high of 17,721 on buying in capital goods and consumer durables stocks.
Post announcement of the RIL AGM meet, the markets turned volatile and moved in a narrow band. The shares of Anil Dhirubhai Ambani group (ADAG) firms fell sharply as Mukesh Ambani gave no detail of reconciliation between the two brothers.


All the ADAG stocks bore the heavy brunt of selling. Reliance Communications dropped 3.5% to Rs 184 and RNRL declined 7.5% to Rs 63.Reliance Power was down 3.5% at Rs 170. Meanwhile, Mukesh Ambani's Reliance Industries ended at Rs 1,055, down 1.5%. Reliance Infrastructure shed 3% to Rs 1,161.
The Sensex slipped to a low of 17,525 and finally ended at 17,571, down 46 points. The NSE Nifty settled at 5,257, down 17 points.The market breadth was negative, out of 2,982 shares traded, 1,796 declined and 1,051 advanced on the BSE.
The BSE midcap and the smallcap indices were down 0.5% each at 6,975 and 8,846, respectively..
Among the sectoral indices, metal and the oil & gas indices ended in the red, down 1% each. Hindustan Zinc and National Aluminium were down 3% each at Rs 975 and Rs 425, respectively on the metal index.
RNRL, BPCL, Essar oil and Reliance Industries were the major draggers on the oil & gas index, down 1-7%.
INDEX GAINERS...
Hero Honda and HUL were the major gainers on the BSE, up 2% each at Rs 2,020 and Rs 257, respectively. BHEL, Larsen & Toubro and SBI were up 1% each on the BSE.
...AND THE LOSERS
Reliance Communications and Reliance Infrastructure were down 3.5% each on the BSE at Rs 185 and Rs 1,161, respectively. The other prominent losers were Sterlite Industries, Maruti, Mahindra & Mahindra, ICICI Bank, Tata Steel and Reliance Industries, down over 1.5% each.

Source-Business Standard