Nifty ends above 9900, Reliance Industries leads

Sunday, 23 Jul, 2017

Strong earnings from Wipro and Indian Bank enthused investors.

Reliance Industries and Wipro traded on its new 52-week high of Rs 1,588.00 per share and Rs 290.90 per share, respectively.

The RIL stock pushed the market higher by nearly 50 points in early trade. At 9.47 a.m, the Sensex was trading up 110.86 points or 0.35% at 32,015.26 with 14 components gaining.

The stock of Reliance Industries, a market heavyweight, logged a rise of 3.76 per cent. The 30-share BSE Sensex closed at 32,028.89, up by 124.49 points while the broader 50-share NSE Nifty gained 41.95 points to end at 9,915.25. During the week, the Sensex registered a rise of 8.14 points, or 0.02 per cent, while the Nifty rose 28.90 points, or 0.29 per cent.

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Software exporter Wipro jumped 7 percent after announcing a $1.7 billion share buyback. The rally was spilled over to other technology stocks like TCS (up 1.9 percent), Infosys (1.1 percent) and HCL Technologies (2 percent).

The BSE market breadth was bearish with 1,434 declines and 1,284 advances.

The Reliance Industries stock hit a 52-week high ahead of its 40th annual general meeting scheduled to begin in nearly an hour from now today.

Shares in Reliance rose as much as 3.9 percent to Rs. 1,588, their highest since January 2008, but its telecom rivals slumped on worries about the intensifying competition in the sector, with Bharti Airtel Ltd and Idea Cellular Ltd down as much as 4.1 percent and 7.3 percent, respectively. That represents a range from a slight fall of 0.5 percent to a 1.5 percent increase over the three months to September 30. Shares of ICICI Bank (up 0.22%) recouped in the late afternoon and ended in green while Axis Bank closed 0.02% lower.