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

BSE Sensex and NSE Nifty open higher
BSE Sensex and NSE Nifty open higher

23 July, 2017

IT major Wipro surged 6.28 per cent after the company announced a mega buyback offer of Rs 11,000 crore and posted a 1.2 per cent rise in consolidated net profit for the April- June quarter.

Healthy quarterly results from index heavyweights such as Reliance Industries (RIL) and Wipro buoyed the Indian equity markets on Friday.

The 30-share BSE Sensex was up 124.49 points at 32,028.89 and the 50-share NSE Nifty gained 41.95 points at 9,915.25 while the broader markets underperformed, with the BSE Midcap and Smallcap indices closing flat. Shares of Wipro and Reliance Industries remain in the lead gainers on the benchmark Sensex today.

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Meanwhile, foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) bought shares worth Rs 1,956.51 crore during the week, as per Sebi's record including the provisional figure of July 21. RIL shares rose by almost 4% after the company reported its highest quarterly consolidated net profit of Rs 9,108 crore for the April-June quarter.

Other gainers from the sensex pack were Axis Bank 5.28 percent, Coal India 4.67 percent, TCS 3.84 percent, ONGC 3.78 percent, Asian Paints 3.52 percent, Cipla 3.43 percent, Tata Motors 2.81 percent, Kotak Bank 2.22 percent, Dr Reddy's Lab 2.04 percent, HUL 1.65 percent, Bharti Airtel 1.37 percent, HDFC Bank 1.33 percent and Sun Pharma 1.07 percent. Shares of ICICI Bank (up 0.22%) recouped in the late afternoon and ended in green while Axis Bank closed 0.02% lower. At 9:53 am, the stock was trading 3 percent or 46.20 points higher at 1574 level on the BSE. The stock touched a high of Rs 291 and a low of Rs 280 on the BSE. Shares of Dish TV India tumbled as much as 8.56% to Rs 75.75, Sun TV Network stocks declined 4.8% to Rs 788, Eros Media fell 4.1% to Rs 224.25 and Hathaway Digital & Datacom also plunged 4.87% to Rs 33.2.

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