Nifty ends above 9900, Reliance Industries leads
- Author: Sonia Alvarado Jul 23, 2017,
Jul 23, 2017, 0:24
The 30-share BSE Sensex closed at 32,028.89, up by 124.49 points while the broader 50-share NSE Nifty gained 41.95 points to end at 9,915.25. The benchmark indices scaled new all-time highs, and also registered fresh closing highs on Monday.
The key index had slipped 26.30 points in the previous session. After Tuesday, the market has witnessed a fight between the bulls and the bears, as the market seesawed between gains and losses on the remaining days of the week.
The Nifty started the week at 9,908.15 and traded in the range of 9,792.05-9,928.20. During the week, the Sensex traded in a range of 31,626.44-32,131.92.
Shares of telecom companies struggled after Reliance Industries today announced the launch of the much-awaited 4G feature phone at the company's 40th annual general meeting.
However, the market breadth closed negative as about 1,425 shares declined against 1,254 advancing shares on the BSE.
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"Besides, the company's board announced a share buyback proposal of Rs 11,000 crore entailing 34.3 crore shares at Rs 320 apiece".
Bharti Airtel was among the worst hit by plunging 2.05 per cent. Bharti Airtel was among the worst hit by plunging 2.05 per cent. Idea Cellular and Reliance Communications slumped up to 3.32 per cent.
The 30-share index bounced 131.48 points, or 0.41 per cent, at 32,035.88.
Reliance Industries rose 3.9 percent to a more than 9-1/2-year high after its consolidated quarterly net profit increased 28 percent, beating analysts' estimates.