Sensex climbs 124 pts, Nifty above 9,900 as RIL leads rally
The BSE 30-share Sensex started settled up 124.49 points, or 0.39 %, at 32,028.89. The gauge had lost 50.95 points yesterday.business Updated: Jul 21, 2017 16:58 IST
Benchmark Sensex ran up 124 points today, spurred by Reliance Industries reporting its highest quarterly earnings and its announcement of a bonus issue.
Strong earnings from Wipro and Indian Bank enthused investors.
The BSE 30-share Sensex started settled up 124.49 points, or 0.39 %, at 32,028.89. The gauge had lost 50.95 points yesterday.
The stock of Reliance Industries, a market heavyweight, logged a rise of 3.76 %.
The 50-share Nifty after shuttling between 9,924.70 and 9,838, settled higher 41.95 points, 0.42 %, at 9,915.25.
During the week, the Sensex registered a rise of 8.14 points, or 0.02 %, while the Nifty rose 28.90 points, or 0.29 %.
“Market was enthused today by Jio’s rapid expansion and innovative plan... Additionally, continued buying interest in IT and private banks lifted the market from the volatile zone and settled in positive terrain,” said Vinod Nair, Head of Research, Geojit Financial Services.
Wipro, India’s third-largest IT firm, surged most by 6.47 % as the company’s earnings yesterday beat Street expectations. Its board also announced a share buyback proposal of Rs 11,000 crore.
Coal India (up 2.66 %), Kotak Bank (1.90 %), TCS (1.87 %) and Infosys (1.11 %) had a field day.
Shares of telecom companies struggled after Reliance Industries today announced the launch of the much-awaited 4G feature phone at the company’s 40th annual general meeting.
Bharti Airtel was among the worst hit by plunging 2.05 %. Idea Cellular and Reliance Communications slumped up to 3.32 %.
According to traders, a string of strong quarterly earnings, including from index heavyweight RIL, and progress of monsoon made the pitch conducive to more gains.
Asian shares ended lower after the European Central Bank announced no changes to its stimulus policies, but European shares traded higher.
Foreign portfolio investors (FPIs) and domestic institutional investors (DIIs) kept faith in stocks and net bought shares, provisional data showed.
On the BSE sectoral front, IT rose 1.66 % and so did consumer durables, oil and gas and banking.
Broader markets were in a mixed form.