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Nifty ends above 9900, Reliance Industries leads

Nifty ends above 9900, Reliance Industries leads

Index pivotal Reliance Industries (RIL) advanced 3.60 percent to close at Rs 1,586.20 after the company announced that its board of directors recommended 1:1 bonus issue of shares.

Wipro was biggest gainer among Sensex stocks, up 6.5 percent after higher-than-expected worth (Rs 11,000 crore) of share buyback and good June quarter earnings despite subdued Q2 dollar revenue guidance and analysts' negative stance.

Among the 31-share Sensex pack, 23 stocks rose and remaining 8 stocks fell during the week. MSCI's broadest index of Asia-Pacific shares outside Japan, which has gained about 5 percent in the past two weeks, eased 0.2 percent on Friday.

Index heavyweight Reliance Industries rose almost 4 per cent after the company reported its highest quarterly consolidated net profit of Rs 9,108 crore for the three months to June on the back of higher petrochemical margins.

Software exporter Wipro jumped 7 percent after announcing a $1.7 billion share buyback.

Positive global cues and healthy quarterly results from index heavyweights such as Reliance Industries (RIL) and Wipro buoyed the Indian equity markets on Friday.

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 gained 3.7 percent, but its telecom rivals slumped, with Bharti Airtel Ltd ending down 2 percent and Idea Cellular Ltd falling 3.3 percent. The stock touched a high of Rs 291 and a low of Rs 280 on the BSE.

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 woman checks her mobile phone as she walks past a mobile store of Reliance Industries' Jio telecoms unit, in Mumbai, India.

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