Sensex gains over 100 points; Nifty near 9900
- Author: Adam Floyd Jul 23, 2017,
Jul 23, 2017, 0:24
IT major Wipro jumped by 10.37 percent to Rs 286.40 after the company at the time of announcing Q1 results said that its board approved buyback of shares up to Rs 11000 crore.
The Nifty opened higher at 9,899.60 and hovered between 9,924.70 and 9,838.00 before closing at 9,915.25, a gain of 41.95 points, or 0.42 per cent.
Positive global cues and healthy quarterly results from index heavyweights such as Reliance Industries (RIL) and Wipro buoyed the Indian equity markets on Friday. 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.
Meanwhile, foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) bought shares worth Rs 1,956.51 crore during the week, as per Sebi's record including the provisional figure of July 21.More news: Uber combines with Russian ride-hailing service Yandex.Taxi
Most Asian markets declined, taking a breather from the recent upmove and after the European Central Bank (ECB) took a dovish stance on policy. Bharti Airtel, Idea Cellular (though recovery sharply towards the close), Dish TV, Hathway Cable and GTPL Hathway were down 2-6 percent. That represents a range from a slight fall of 0.5 percent to a 1.5 percent increase over the three months to September 30.
Other telecom stocks which came under pressure after the announcement are Reliance Communications down 2.45% to Rs 23.85, Tata Communications down 2.31% to Rs 651.9, Tata Teleservices Maharashtra fell 2.4% to Rs 7.33.
Reliance Industries could also announce a new tariff plan with aggressive price points for Jio consumers with its 84 day "Dhan Dhana Dhan Offer" coming to an end on April 11. The scrip zoomed 8.75% to Rs 203 its 52-week high on BSE.