Nifty Near All-Time High; Reliance Industries Surges 4%

BSE Sensex opened 131 points higher at 32,035.88 points while NSE Nifty 50 opened just shy away from 9,900 level at 9,899.95 points

There are 661 advances, 970 declines and 328 unchanged stocks, indicating a negative undertone floating in the market. BSE Sensex opened over 50 points up or 0.16% at 31,954.60 while the wider NSE Nifty opened 17 points up at 9,890.60 during the early morning trade. Shares of Wipro and Reliance Industries remain in the lead gainers on the benchmark Sensex today.

Wipro said that it will buyback shares worth Rs 11,000 crore. Wipro shares rose 8.17% to a fresh 52-week high of Rs 291.

Indian shares rose on Friday to post a third consecutive weekly gain, with Reliance Industries Ltd hitting it highest in over 9-1/2 years after posting strong quarterly results and announcing the launch of a low-priced, 4G-enabled phone.

"Shares of Wipro, India's third largest IT firm, traded higher by 7.06 per cent to Rs 288 after the company on Thursday posted a 1.2 per cent rise in its consolidated net profit at Rs 2,076.7 crore for June quarter", Desai said.

The NSE index gained 0.29 percent this week, while the BSE index inched up 0.03 percent. 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.

Other gainers from the sensex pack were Axis Bank 5.28 percent, Coal India 4.67 percent, TCS 3.84 percent, ONGC 3.78 percent, Asian Paints 3.52 percent, Cipla 3.43 percent, Tata Motors 2.81 percent, Kotak Bank 2.22 percent, Dr Reddy's Lab 2.04 percent, HUL 1.65 percent, Bharti Airtel 1.37 percent, HDFC Bank 1.33 percent and Sun Pharma 1.07 percent. DTH operator stocks also plummeted soon after the oil-to-telecom conglomerate Reliance Industries Ltd announced its cable TV.

The stock jumped 6.47 per cent to settle at Rs 286.40 on BSE.

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