Sectorally, metal, auto and IT stocks were leading gainers amid sustained foreign fund inflow.
RIL commanded a market value of Rs 246,995 crore (Rs 2,469.95 billion) at 0945 hours on the Bombay Stock Exchange, which was higher than any other listed company.
Amid strong opposition from CIL workers union to the proposed stake sale in the company, Finance Minister P Chidambaram has said the disinvestment proceeds of about Rs 20,000 crore (Rs 200 billion) from the coal behemoth will be invested in public sector banks.
Other top losers in the Sensex pack included Bharti Airtel, Asian Paints, TCS, HCL Tech, Tata Steel, SBI, IndusInd Bank and Hero MotoCorp, declining up to 3.28 per cent.
State-run Coal India on Wednesday toppled billionaire Mukesh Ambani-led Reliance Industries as the country's most valued company, with a slightly higher market valuation around mid-day.
The government's disinvestment programme is set to get a boost this Diwali, with the finance ministry planning to hit the market to sell a five per cent stake in Steel Authority of India Ltd (SAIL) by October.
Besides financials, shares of telecom, IT, auto and pharma were in demand.
Market cap of government companies has remained unchanged in the past 8 years.
From India, Reliance Industries is the only one in the overall top-200 list and is followed by HDFC Bank at 209th, ONGC at 220th, Indian Oil at 288th and HDFC Ltd at 332nd place.
Major losers include Lupin 1.96 per cent, along with Tata Motors, Coal India and Sun Pharma.
According to latest data (October 13) by the Central Electricity Authority, total fuel stocks at 103 coal-based stations have come down to 7.2 million tonnes.
Top losers in the Sensex pack included IndusInd Bank, Yes Bank, SBI, L&T, Tata Steel, M&M, Bajaj Finance, Vedanta, Tata Motors and RIL, tumbling up to 6.97 per cent.
On the gaining side, Hero Moto, SBI, HDFC, HUL and L&T have gained between 1-1.4 per cent.
Tata Steel was the biggest gainer in the Sensex pack, rallying 5.78 per cent; followed by Yes Bank, NTPC, L&T, Axis Bank, SBI, M&M, HDFC twins, Vedanta, HUL, PowerGrid, ICICI Bank, Kotak Bank, HCL, TCS and ITC, gaining up to 3.79 per cent.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
This comes at a time when the COVID-19 crisis is expected to derail the government's revenue maths for 2020-21, hitting the mop-up from sources such as taxes and divestment.
Eight of the 30 companies in the BSE Sensex that shared data reported 99 fatalities in 2016-17 against 86 in the previous year. These lives were lost due to industrial accidents at manufacturing facilities. Fatalities owing to road accidents were excluded from the count.
The combined market valuation of top six Sensex companies surged by Rs 26,346 crore last week, with Reliance Industries and HDFC contributing the most to the gains.
The index compiler will add Coal India's stock into FTSE All-World Index and FTSE All-Emerging Index on a fast entry basis.
If the markets regulator has not yet sent an advisory note to Coal India on its chief executive's frequent announcements in the media, it is probably because it is a public sector enterprise.
Coal India Ltd's Rs 15,000 crore (Rs 150 billion) mega issue, which opens on Monday for public subscription, has garnered a bullish endorsement from most of the market experts who believe it would be the star attraction of this week for all, including retail investors.
In a setback to initial public offer (IPO)-ready Coal India, the Jharkhand government has rejected a forest clearance for a railway link being planned for evacuation of coal from the North Karanpura coalfield operated by the coal miner.
The government expects to raise up to Rs 12,000-15,000 crore (Rs 120-150 billion) through Coal India IPO, billed as the country's largest ever.
Besides offtake pact, the navratna firm has planned equity infusion and forming joint ventures to expand its global footprint.
The body has been detected inside the 370-foot-deep coal mine in Meghalaya's East Jaintia Hills district,
Coal India would be second company to hit the markets under the government's disinvestment programme.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries:
Aiming to raise Rs 40,000 crore (Rs 100 billion) from disinvestment, the government on Wednesday said it will sell its stake in 10 more PSUs, including IndianOil, MMTC, Coal India Ltd, SAIL, RINL and Shipping Corporation, in the current financial year.
The world's largest coal producer Coal India Ltd on Tuesday said it may consider setting up power plants in the country to utilise excess coal.
India's largest ever public offer to raise up to Rs 15,000 crore (Rs 150 billion) will hit the market by the third week of October.
The country's largest coal producer Coal India on Thursday said it will facilitate opening of demat accounts for its 4 lakh employees to ensure their participation in the upcoming public issue which is likely to fetch around Rs 12,000 crore (Rs 120 billion) to the government.
Coal India wants to organise PAN cards and demat accounts for each of its 400,000 staff ahead of its IPO.
There is a strong hint that the proposed IPO will be of 11 per cent instead of the earlier plan of 15 per cent (10 per cent public, 2 per cent employees and 3 per cent land losers).
The government is likely to take a call on the much-talked about divestment in Hindustan Copper next week.
In the Sensex pack, Bharti Airtel was the top performer, surging 4.61%. Other gainers included ICICI Bank, IndusInd Bank, L&T, Sun Pharma, RIL, HDFC duo, Tata Motors and M&M -- climbing up to 3.69%.
Among the Sensex constituents, Larsen and Toubro emerged as the top performer with a gain of 2.76 per cent after the company announced winning large contracts from domestic clients.
Pump manufacturing company Kirloskar Brothers Ltd and Coal India on Friday are jointly moving 18 high-powered pumps to the mine, officials said.
Yes Bank and Tata Motors were the biggest losers in the Sensex pack, slumping 8 per cent.
State-owned Coal India is expected to seal deals worth $1.8 billion (about Rs 8,000 crore) with foreign firms in the next two months for mining coal abroad.
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