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Reliance Mutual Fund has reduced exposure to Engineering Capital Goods, Metals Mining and Cement Construction sectors while has increased to Banking Financial Services, Pharmaceuticals and Utilities sectors.

The Ministry of Communications and Information Technology on Friday said that no irregularity has been made in making refund to Reliance Communications Ltd. on surrendering its dual technology approval in six circles.

According to Reliance Money\’s report, expect the markets to remain volatile and despite the unprecedented policy response from central bankers across the globe, including India which might have stemmed the panic reaction, there is no doubt that deleveraging and risk aversion still continues.

The global financial crisis has hit India\’s largest private sector conglomerate. The Reliance group and its associate companies have asked about 5,000 employees to resign, according to inside sources. A significant portion of the staff reduction has come from the retail operations.

Reliance Industries had touched an intraday high of Rs 1,182 and an intraday low of Rs 1,103.20. At 2:33 pm, the share was quoting at Rs 1,104.15, down Rs 55.15, or 4.76%. It was trading with volumes of 2,196,517 shares. Yesterday the share closed up 8.40% or Rs 89.80 at Rs 1,159.30.

The bulls tried to pull the markets back into the green but failed. Both indices are still trading weak, amid volatility. Selling continues in technology, capital goods, power, metal, and FMCG stocks. Reliance Industries and Bharti Airtel are also seeing major cuts. However, banking, cement, realty, auto stocks are supporting the markets.

Reliance Communications has touched an intra day high of Rs 207.80 and an intra day low of Rs 196.15. At 1:15 pm, the share was quoting at Rs 203, up Rs 6.05, or 3.07%. Telecom ministry has agreed to refund Rs 112 crore to Reliance Communication on company surrendering dual tech approval in 6 cities, reports Business Line.

Mukesh Ambani-led Reliance Industries Ltd, which is engaged in the textile business apart from petroleum, has approached the Controller General of Patents, Designs and Trade Marks for a process patent to make thermoplastic polyester. RIL filed an application in this regard in March this year and the approving authorities have published the claims made by the company in their latest Patent Office Journal, giving public notice.

The oil and gas sector has seen the maximum drop in volumes. Reliance Industries has seen its volumes drop over 35% in the last five days

According to Reliance Money\’s Morning Notes, as for today\’s trade it is extremely important for markets to cross the major hurdle of 2850 on closing basis for sustaining current momentum.