Markets Trade Steady, Reliance Gains Post General Atlantic Deal

Benchmark indices opened the day little change, even as most Asian markets were subdued. Dow Futures too pointed to lower openings for the US markets.

The Sensex was trading with losses of 5 points at 37952 points, while the Nifty was up 2 points in early trade at 11,224 points. Shares in Reliance Industries was trading higher by 0.50 per cent, after reports that General Atlantic, a leading global growth equity firm will invest Rs 3,675 cr in Reliance Retail Ventures Limited.

"General Atlantic's investment will translate into a 0.84% equity stake in RRVL. The deal values Reliance Retail at a pre-money equity value of Rs 4.285 trillion," a media release said.

Banking stocks were the clear losers in trade with the Bank Nifty down as much as 1 per cent. ICICI Bank, State Bank of India and HDFC Bank were some of the heavyweights that lost ground in early trade.

Among the Nifty gainers in trade were ONGC, BPCL, Cipla and Divis Labs. Shares in Sumitimo Chemicals fell after the company informed the exchanges that its promoters will be selling 3.3% stake through an Offer for Sale. The stock was down nearly 3 per cent in early trade.

Early Nifty losers were Coal India, Hindalco and Axis Bank.