18th June 2010 Closing Market Updates

18th June 2010 Closing Market Updates  15:32
Realiance AGM outcome could not able to hold the bull steam for the day and market ended in negative after 6 days rally. Nifty ended at 5257.95 by losing 16.90 points while Sensex ended with 73.14 points of losses at  17543.55.
BSE CG Index gained the most by 0.54% and BSE Metal Index declined the most by 1.27%
IDFC was the top gainer in Nifty50 stocks, gained 3.01% and closed at 169.30 and Reliance Capital declined  maximum by 4.48% in the index.
Advance/decline ratio was negative to 2.3 : 1 as 918 stocks declined and 398 stocks gained today on NSE.
RIL AGM Outcome :
The biggest announcement Mukesh made was about the company’s foray into the power sector. He said that RIL is drawing up specific plans for mega investment in coal, hydro and nuclear power projects. As a goodwill gesture, RIL would not enter the gas-based power generation arena till 2022.

 Mukesh then announced his company’s foray into the telecom space citing the billion dollar acquisition of Infotel – the only company to win a pan India broadband licence. ‘We are faced with much larger opportunity in broadband,” Mukesh added. He said that the BWA spectrum is an extremely valuable resource and the company plans to set up a wireless innovation centre in Mumbai soon.