Reliance ends rally in Indian stocks; Sensex down 0.4%

Reliance Industries slumped more than 4% after the CBI searched the house of former upstream regulator V.K. Sibal. The development comes after the Comptroller and Auditor General, in a report, alleged Reliance Industries of inflating KG-D6 block’s development costs.

While the sharp fall in Reliance Industries stock weighed on the benchmark indices, investor sentiment took a knock after reports confirmed decelerating manufacturing activity in the domestic economy. From 57.5 in May, the HSBC Purchasing Managers’ Index fell to 55.3 in June. Even though a number above 50 indicates expansion, the slowing growth in manufacturing activity raised concerns about the sustainability of economic momentum.

Sensex: 18,762 –0.44%

Nifty: 5,627 –0.36%

Investors booked profits in Hindustan Unilever after the stock rallied in the last few trading sessions. Bharti Airtel lost 2.82% after several brokerage houses reduced their ratings on the stock. Citing regulatory issues and license expenses, CLSA downgraded the stock to under-perform. Religare and Kim Eng Securities also reduced their ratings on the stock.

Reliance Industries: ₹ 859 –4.30%

Ambuja Cements: ₹ 129 –2.84%

Bharti Airtel: ₹ 383 –2.82%

Ranbaxy Laboratories: ₹ 527 –2.65%

Hindustan Unilever: ₹ 336 –2.21%

Meanwhile, the clearance of Cairn-Vedanta deal by the government has sent Cairn India shares higher. The stock gained more than 4.5% after the government, late on Thursday, gave conditional approval for the deal. DLF, Hindalco Industries, IDFC and GAIL were the other notable gainers.

DLF: ₹ 220 +4.99%

Cairn India: ₹ 325 +4.51%

Hindalco Industries: ₹ 187 +3.77%

IDFC: ₹ 135 +2.90%

GAIL India: ₹ 450 +2.15%

At the sectoral level, real estate, information technology and metal stocks led the gains on the BSE. Oil & gas and consumer durable stocks stood as major losers.

BSE Realty: 2,080 +3.01%

BSE IT: 6,147 +0.78%

BSE Metal: 15,148 +0.57%

BSE Oil & Gas: 9,038 –1.84%

BSE Consumer Durables: 6,601 –0.79%

Real estate stocks extended gains on the bourses. Buying at lower levels helped the stocks register notable gains.

Peninsula Land: ₹ 48 +5.06%

Indiabulls Real Estate: ₹ 116 +3.43%

HDIL: ₹ 164 +3.10%

Sobha Developers: ₹ 265 +2.65%

Phoenix Mills: ₹ 194 +2.27%

Unitech: ₹ 32 +2.19%

Overall, 56.97% of the stocks traded on the BSE closed the day with gains.

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