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Sensex Surges 131 Points on RIL Earnings Numbers

The 30-share index bounced 131.48 points, or 0.41%, at 32,035.88. The big movers were IT, technology, oil and gas and realty. NSE Nifty gained 26.65 points, or 0.26%, to 9,899.95.

PTI

Updated:July 21, 2017, 10:12 AM IST
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Sensex Surges 131 Points on RIL Earnings Numbers
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Mumbai: The benchmark Sensex rallied over 131 points above the 32,000-mark today as Reliance Industries' reported its highest quarterly earnings. The numbers came in after market hours on Thursday.

Besides, better-than-estimated results by Wipro gave investors more confidence. The 30-share index bounced 131.48 points, or 0.41%, at 32,035.88. The big movers were IT, technology, oil and gas and realty.

The gauge had lost 50.95 points on Thursday. The NSE Nifty gained 26.65 points, or 0.26%, to 9,899.95.

According to traders, ample liquidity from foreign funds and increased buying by retailers following RIL's robust numbers provided a perfect platform.

The stock of RIL, a market heavyweight, soared 2.03%, to Rs 1,559.75, in early trade after the company on Thursday reported its highest quarterly consolidated net profit of Rs 9,108 crore in three months to June on the back of higher petrochemical margins and one-time gain from sale of African asset.

Stocks of Wipro, India's third largest IT firm, was also trading 7.06% higher at Rs 288 after the company on Thursday posted a 1.2% rise in its consolidated net profit at Rs 2,076.7 crore for June quarter.

Besides, the company's board announced a share buyback proposal of Rs 11,000 crore entailing 34.3 crore shares at Rs 320 apiece.

Other gainers included Infosys, Coal India, Asian Paints, NTPC, SBI, TCS, Tata Motors, HDFC Bank and ICICI Bank, rising by up to 1.04%.

Globally, Japan's Nikkei was down 0.25% while Hong Kong's Hang shed 0.24% in early trade on Friday. Shanghai Composite too was down 0.19%. The US Dow Jones Industrial Average closed 0.13% lower on Thursday.
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