Sensex surges 131 pts on RIL earnings numbers

by Edgar Hayes July 22, 2017, 0:34
Sensex surges 131 pts on RIL earnings numbers

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 32,033.82 points, traded at 31,895.33 points - down 60.02 points, or 0.19 per cent, from the previous close at 31,955.35 points.

Globally, Japan's Nikkei was down 0.25 per cent while Hong Kong's Hang shed 0.24 per cent in early trade today.

Wipro said that it will buyback shares worth Rs 11,000 crore.

Wipro Ltd rises as much as 7.29% to Rs 288.60, its highest since July 2016. The rally was spilled over to other technology stocks like TCS (up 1.9 percent), Infosys (1.1 percent) and HCL Technologies (2 percent).

Most Asian markets declined, taking a breather from the recent upmove and after the European Central Bank (ECB) took a dovish stance on policy.

"Reliance Industries is slated to announce its earnings for the April-June quarter (Q1) on Thursday and hold its AGM (annual general meeting) the day after". Following the possible threat from the mobile business disruptor Reliance Jio, investors sentiment soured as there may be possibilities that the new JioPhone may dent the businesses of the existing telecom and cable TV operators.

Bharti Airtel was among the worst hit by plunging 2.05 per cent. Idea Cellular and Reliance Communications slumped up to 3.32 per cent. Reliance industries profit figures of 9% beat the market estimates and could be one reason of seeing the index to highs.

The sectoral indices mostly ended in green led by Nifty IT which rose 2.19% and NSE index for the bank, financial services, media, metal and FMCG stocks closed higher with gains up to 1.1% while Nifty Pharma, Realty and Auto closed in the red. A total of 18,352.73 lakh shares changed hands in 9,712,846 trades.

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