Published: Sat, July 22, 2017
Sci-tech | By Jackie Newman

Nifty ends above 9900, Reliance Industries leads

Nifty ends above 9900, Reliance Industries leads

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. "Ahead of June quarter earnings, Kotak Mahindra Bank, Reliance Industries and Wipro gained up to 1.7 per cent while Bajaj Auto fell 0.4 per cent", said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.

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

During the week, the Sensex registered a rise of 8.14 points, or 0.02 per cent, while the Nifty rose 28.90 points, or 0.29 per cent. This is the largest bonus share issue in India.

The broader NSE Nifty closed up 0.42 per cent at 9,915.25, while the benchmark BSE Sensex finished 0.39 per cent higher at 32,028.89.

Asian shares ended lower after the European Central Bank announced no changes to its stimulus policies, but European shares traded higher.

S&P, Nasdaq opens at new highs on strong earnings
The euro retraced some recent gains as European policy makers gathered in Frankfurt before Thursday's decision on interest rates. The dollar steadied after the implosion of the US health-care reform bill sent it to the lowest since September a day earlier.

The key index had slipped 26.30 points in the previous session.

Shanghai Composite too was down 0.19 per cent.

The Sensex was up 23 points or 0.07 percent at 31,928 and Nifty was at 9,879, up 6 points or 0.06 percent. 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.

Losers included Bharti Airtel (2.02 per cent), Lupin (1.99 per cent), Indiabulls Housing Finance (1.84 per cent), Power Grid (1.55 per cent) and Hero Motoco (1.28 per cent).

Total securities that hit their price bands were 108. A total of 18,352.73 lakh shares changed hands in 9,712,846 trades.

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