The Indian equity market gave up all gains to end flat on Wednesday after shares of Reliance Industries plunged as much as 6 percent during its 43rd annual general meeting.

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The stock fell sharply after Chairman and Managing Director Mukesh Ambani said that the proposed deal with Saudi Aramco has not progressed as per the plan.

At close, Sensex ended 19 points higher to 36,052 while the Nifty50 index ended at 10,635, up 28 points. Broader market slipped in the last hour of trade and ended in the red, Nifty Midcap 100 and Nifty Smallcap 100 index fell 0.61 percent and 0.07 percent lower.

Wipro, Infosys, HCL Technologies, TCS and Tech Mahindra were the Nifty50 top gainers of the day while Reliance Industries, Bharti Airtel, Zee Entertainment, GAIL and Bharti Infratel were the top losers.

Nifty IT was the best-performing index of the day, ending 5.34 percent higher while Nifty Realty remained the worst-performing index, ending 2.15 percent lower.

Shares of RIL slipped nearly 6 percent after hitting all-time highs on Wednesday. In the 43rd AGM, the company made major announcements like a strategic partnership with Google, development of 5G solutions & products in India, Jio Glass and more.

Wipro's share price zoomed 15 percent on Wednesday after the IT major reported 2.8 percent sequential rise in consolidated net profit for the first quarter of 2020. The stock surged soon after opening to hit an upper circuit of 15 percent at Rs 258.80 apiece.

Market breadth ended in favour with the laggards. 1,082 NSE stocks ended with losses while 747 reported gains.

First Published:Jul 15, 2020 3:35 PM IST