Nifty Near All-Time High; Reliance Industries Surges 4%

Strong earnings from Wipro and Indian Bank enthused investors. BSE Sensex gained over 100 points to close above 32,000 while NSE Nifty rose over 40 points to settle above 9,900.

Shares of IT major Wipro Ltd and petrochemicals-maker Reliance Industries Ltd (RIL) jumped on Friday after the two companies announced positive first quarter ended June 30, 2017 (Q1FY18) results on Thursday.

The RIL stock pushed the market higher by nearly 50 points in early trade.

Other stocks such as Reliance Industries (0.25 crore), Idea Cellular (0.12 crore), ITC (0.11 crore), Ashok Leyland (0.10 crore), PFC (0.09 crore), Vedanta (0.09 crore) and Hindalco (0.08 crore) were also among most the traded stocks. 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.


Major gainers in the 30-share index were Wipro (7.43%), Reliance Industries (2.74%), Coal India (1.27%), GAIL (India) (1.17%), Infosys (1.10%), and Asian Paints (0.94%).

"Besides, the company's board announced a share buyback proposal of Rs 11,000 crore entailing 34.3 crore shares at Rs 320 apiece".

"Shares of RIL, a market heavyweight, soared 3.88 per cent to Rs 1,588 (at 3.07 p.m.), after the AGM wherein the company announced its JioPhone, a day after its impressive quarterly results on the back of higher petrochemical margins", said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.

The Sensex was up 23 points or 0.07 percent at 31,928 and Nifty was at 9,879, up 6 points or 0.06 percent. The most valuable telecom company as of now, Bharti Airtel slipped almost 4% just after the announcement to the day's low of Rs 403 while Idea Cellular fell as much as 7.01% to Rs 88.2 on BSE.


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