Sunday, 17 December, 2017

Nifty ends above 9900, Reliance Industries leads

Nifty ends above 9900, Reliance Industries leads Nifty ends above 9900, Reliance Industries leads
Lance Thomas | 23 July, 2017, 00:25

There are 661 advances, 970 declines and 328 unchanged stocks, indicating a negative undertone floating in the market.

New Delhi, July21:Sensex and Nifty were trading on a flat note on Friday, with Reliance Industries Ltd climbing as much as 3.9 percent to a more than 9-1/2-year high after posting strong quarterly results and announcing a low-priced, 4G-enabled phone.

Among the 31-share Sensex pack, 23 stocks rose and remaining 8 stocks fell during the week. The recovery was driven by Reliance Industries, technology and select banks stocks while telecom, infra and healthcare stocks capped the upside.

The midcap index slipped 0.16 per cent, while smallcap gained 0.54 per cent.

Wipro shares spiked today after the company announced a mega share buyback plan worth up to Rs 11,000 crore. Wipro, India's third biggest IT outsourcer, reported a better-than-estimated consolidated net profit of Rs 2,083 crore and announced a share buyback worth up to Rs 11,000 crore at a price of Rs 320, a premium of almost 19 per cent from Thursday's closing price of Rs 269.15.

However, shares of telecom companies dived on Friday after Mukesh Ambani launched the JioPhone at the Reliance Industries Annual General Meeting 2017. Asian shares ended lower after the European Central Bank announced no changes to its stimulus policies, but European shares traded higher. 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 jumped 6.47 per cent to settle at Rs 286.40 on BSE.

Sectoral indices on NSE are trading with mixed sentiments wherein Metal and Pharma indices are top losing indices and Nifty IT is the only index which is trading in the positive territory.

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