InvestorQ : What explains the Sensex falling 750 points from the peak on 15 July after a fairly encouraging AGM conducted by Reliance?
vaishnavi mhatre made post

What explains the Sensex falling 750 points from the peak on 15 July after a fairly encouraging AGM conducted by Reliance?

Answer
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Arusha Ray answered.
3 months ago


Sensex gave up over 750 points from the peak on Wednesday as profit booking took over ahead of the weekly expiry on Thursday. However, the IT stocks like TCS, Infosys and Wipro remained buoyant and closed in the green but most banks gave up gains. Two heavyweights that gave up gains and closed in the negative were Bharti Airtel and Reliance.

Bharti took a sharp hit after Jio Platforms announced an aggressive set of measures at the AGM including Jio TV, Jio Glasses etc. In the case of RIL, it was a case of selling on announcement at the AGM. Markets were disappointed by the absence of a bonus announcement and little progress on the Saudi Aramco O2C stake sale deal.