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After Hours: Realty index tops the chart; RCom up 35%

After opening at lifetime peak levels, domestic equity bench..

After opening at lifetime peak levels, domestic equity benchmarks snapped a four-day winning streak and cooled off to settle in the negative zone on Wednesday.

Heavy selling on select bluechip counters in financials, energy and FMCG segments and weak global cues dragged the market.

The S&P BSE Sensex dropped 59 points to settle at 33,777 with IT major Wipro (up 1.54 per cent) being the top gainer and Dr Reddy's (nearly 2 per cent) the worst laggard. On similar lines, the broader Nifty50 index of the National Stock Exchange(NSE) settled 19 points lower at 10,444 with 26 of the 50 components ending in the green and 24 in the red.

Here's a quick look at the top movers and shakers of Dalal Street:
Maruti hits the 5-digit mark
Shares of India's biggest carmaker Maruti Suzuki India briefly touched the Rs 10,000 mark in opening deals, before retreating. During the day, the auto major became the fifth most valued stock by market capitalisation (market-cap) at around Rs 3 lakh crore, only behind Reliance Industries (RIL), TCS, HDFC Bank and ITC. It later however ended at the 6th largest firm. A recent study by brokerage Motilal Oswal has put the company among the top five wealth creators during 2012-17.

"The rise in fortunes of Maruti is a classic example of the consumption boom in India over the years. The company has been able to corner a healthy market share over the years. Its product mix, plant capacity, sales and marketing network and on-ground presence are unparalleled. All this has augured well for the company over the years," said Gautam Duggad, Head of Research, Motilal Oswal.
However, the stock later pared gains and settled at Rs 9,737.65 apiece on BSE, down 0.68 per cent.

ADAG stocks make merry
Shares of Reliance Group companies made merry on Dalal Street with shares of the group's flagship firm Reliance Communications skyrocketing 35 per cent at the fag-end of the session. The Delhi-based Principal Bench of the National Company Law Tribunal (NCLT) had on Tuesday adjourned insolvency proceedings against the company and directed the Mumbai bench to hear the two petitions filed by China Development Bank against Reliance Communication and Reliance Telecom together.

Earlier in the day, reports surfaced that bondholders of Reliance Communications, the embattled mobile phone operator controlled by Anil Ambani, had hired advisers after the company defaulted on its dollar-denominated notes last month. Other group stocks such as Reliance Capital, Reliance Infra and Reliance Naval gained 7 per cent, 5 per cent and 10.67 per cent, respectively.

RCom-1 (3)

Religare on a high
Shares of both Religare Enterprises and Edelweiss Financial Services gained after Edelweiss Wealth Management decided to acquire Religare's securities business, which include securities and commodities broking and depository participant services. As per the deal, Edelweiss will also take on the pan-India distribution of around 1,250 points of presence including 90 branches, over 1 million clients and employees of the business. The stock of Religare Enterprises rose 5 per cent to settle at 73 apiece while that of Edelweiss settled at Rs 296.50 apiece, up 1.56 per cent.

Religare-1 (1)

Spurt in open interest
Shares of Ramco Cements witnessed the biggest spike in open interest at 116.42 per cent, followed by Punjab National Bank (33.23 per cent) and Reliance Communications (24.58 per cent).

Spurt-OI (24)

Realty index tops the charts
Shares of real estate companies made a remarkable comeback, which lifted the Nifty Realty index nearly 3 per cent to 330.20 with eight out of the 10 constituents ending in the green. Indiabulls Real Estate (up 6 per cent), HDIL (up 6 per cent) and Unitech (up 5 per cent) were the top gainers in the pack.

Realty-index

Unitech surges 5%
Shares of realty firm Unitech surged 5 per cent after the National Company Law Tribunal (NCLT) adjourned a hearing on the Corporate Affairs Ministry's plea to take over the company's board. The company has over Rs 6,000 crore debt and over 16,000 undelivered units from a total of nearly 70 projects. Shares of the company settled at Rs 7 apiece on BSE.

Unitech--1

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The post After Hours: Realty index tops the chart; RCom up 35% appeared first on News Wire Now.

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