India's Sensex hits 32000; Reliance Industries, Wipro rally

Nettie James
July 22, 2017

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined. RIL shares rose by almost 4% after the company reported its highest quarterly consolidated net profit of Rs 9,108 crore for the April-June quarter.

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.

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.

Wipro jumped up as much as 8.1 percent to their highest since April 2016 before closing 6.28 per cent higher at Rs 286.05.

Other gainers included Coal India, Tata Consultancy Services, Infosys up between 1 percent to 2 percent.

Reliance Industries Limited (RIL) chairman Mukesh Ambani on Friday announced a bonus share in the ratio 1:1. Shares of ICICI Bank (up 0.22%) recouped in the late afternoon and ended in green while Axis Bank closed 0.02% lower. 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 fell 2.04 per cent while Idea Cellular closed3.11 per cent lower.

The volume chart was led by Jaiprakash Associates with trades of over 9.60 million shares. The stock had hit a high of Rs 291 so far during the day, which is a 52-week high.

Reliance Industries Ltd, which posted better-than-expected numbers yesterday evening, is up 3.42 percent to Rs 1581.05, its highest since January 2008.

Other reports by Insurance News

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