Sensex continues downtrend on extended profit booking; RIL up 4%

Epic Update Reliance Industries
Epic Update Reliance Industries

The market continued its downward trend in morning, as investors continued to book profits and stayed on the fence ahead of results of assembly elections next week.

The Sensex was down 92.02 points at 28747.77, while the Nifty down 33.70 points at 8866.05. The market breadth was narrow, with about 889 shares having advanced, 975 shares having declined, and 89 shares remaining unchanged.

Reliance Industries clocked 52-week high mark as analysts were upbeat on the stock. CLSA, in fact, upgraded its target price to Rs 1,500 a share. Apart from this, GAIL and Bharti Infratel were among the top gainers on both the indices. HDFC and ITC were a drag on both the indices, seeing falls of over 1.5 percent on both the stocks.

Apollo Hospitals fell nearly 4 percent intraday, following a stake sale by a Malaysian sovereign fund. Khazanah Berhad’s subsidiary Integrated (Mauritius) Healthcare Holdings sold over 6 percent stake in the healthcare company through block deals. It used to hold 10.85 percent stake in the firm before this deal.

Meanwhile, DCB Bank rose more than 2 percent intraday as the company looked to raise funds via issue of securities. A meeting of board of directors of the company will be held on March 07, to consider and approve, issue of securities/shares, including issue of securities/shares to qualified institutional buyers.

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