Indian equity benchmark indices opened on a positive note on Thursday following the GST council, led by FM Nirmala Sitharaman, approved the overhaul of the indirect tax structure effective from September 22. Sensex opened 1 per cent higher at 81,456, while Nifty opened at 24,980. However, the market soon saw a dip from the morning high. The share price of Anil Ambani’s Reliance Power slipped as much as 3% today after yesterday’s high. The shares of ADAG Group have been in focus today following their incredible rally in the past week. Even though Reliance Power and Reliance Infra shares closed on high yesterday both the companies stocks are down by 3 percent. In the past one year, the shares have risen 147% and 111% respectively.
Reliance Power is a major player in India, developing and operating power projects using both traditional and renewable energy sources.Reliance Power shares have tumbled 31.5% over the past month.Reliance Infrastructure Ltd has experienced notable activity, reaching an intraday high and demonstrating a positive trend with recent gains. The stock has outperformed its sector, although investor participation has declined significantly. Currently, it trades above its five-day moving averages, indicating resilience in a competitive market. Yesterday, the stock reached an intraday high of Rs 279.35, reflecting a 5% increase from its previous close.
This surge comes as the stock has outperformed its sector by 3.64%, marking a notable performance in a competitive market.Despite the strong performance, there has been a decline in investor participation, with delivery volume dropping by 45.08% compared to the five-day average. The stock is currently trading above its five-day moving averages, although it remains lower than its 20-day, 50-day, 100-day, and 200-day moving averages. Among sectoral indices, Nifty Auto stocks jumped more than 3% as GST on cars below 1,200 cc was reduced from 28% to 18%.The FMCG index climbed 2.66% after GST was slashed to nil on several essential food items. Realty stocks also gained more than 1%, with all major sectors trading in the green.