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

Sensex surges high
Sensex surges 131 pts on RIL earnings numbers

23 July, 2017

IT major Wipro jumped by 10.37 percent to Rs 286.40 after the company at the time of announcing Q1 results said that its board approved buyback of shares up to Rs 11000 crore. BSE Sensex opened over 50 points up or 0.16% at 31,954.60 while the wider NSE Nifty opened 17 points up at 9,890.60 during the early morning trade.

Among the 31-share Sensex pack, 23 stocks rose and remaining 8 stocks fell during the week.

However, the market breadth closed negative as about 1,425 shares declined against 1,254 advancing shares on the BSE.

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. This is the largest bonus share issue in India.

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The 30-share index bounced 131.48 points, or 0.41 per cent, at 32,035.88.

However, shares of telecom companies dived on Friday after Mukesh Ambani launched the JioPhone at the Reliance Industries Annual General Meeting 2017.

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. 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. The stock touched a high of Rs 291 and a low of Rs 280 on the BSE.

Shares of Balaji Telefilms also soared almost 9% today after Reliance Industries board approved a plan to pick almost 25% stake in the company by acquiring 2.52 crore for about Rs 413 crore.

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