Markets close at record high after Anil Ambani's 'new RCom' pitch

NEW DELHI: The equity markets saw an encouraging day of trading as both Sensex and Nifty breached psychological marks to finish at closing highs. The market's rally came after Reliance Communications (RCom) chairman Anil Ambani 's announcement that the debt-ridden company has achieved full resolution and is expected to reduce its debt of Rs 45,000 crore (as of October 30) to Rs 6,000 crore.Post the announcement, Reliance Group shares surged emphatically. The shares of RCom zoomed 41.02 per cent to close at Rs 23 on BSE. On NSE, the stock ended 41.10 per cent higher.At market closing, 30-share BSE Sensex finished on 34,010.61, up by 70.31 points while the broader 50-share NSE Nifty closed on 10,531.50, gaining 38.50 points. The markets had opened on a positive note in the morning with the BSE index breaching the 34,000-mark for the first time. However, it could not hold on to the gains and slipped soon after, which was followed by a rangebound spell of trading for most of the day. In the last hour of trading, Ambani's announcement gave the market an impetus which pushed it above the landmarks.As an after-effect, the fate of other group stocks shined on the BSE on Tuesday. Shares of Reliance Capital surged as much as 7.44 per cent, Reliance Power by 3.85 per cent, Reliance Infra 2.41 per cent, Reliance Nippon Life 1.16 per cent and Reliance Naval and Engineering 5.68 per cent.Among other sectors, metal and pharma stocks also outperformed the other sub-indices. Apart from RCom, Bharti Airtel, Ambuja Cement, Cipla and Sun Pharma gained the most while NTPC, State Bank of India and Coal India were the major losers.