Global cues, Q1 results lift equity indices

Bruno Cirelli
Luglio 21, 2017

Mumbai: Despite positive global cues, the Indian equity markets erased their morning gains to provisionally close in the red on Thursday, as heavy selling pressure was witnessed in metal, auto, healthcare and IT stocks.

After a sluggish trade in the afternoon on Friday, the Bombay Stock Exchange Sensex closed 124 points higher, and the National Stock Exchange Nifty went up 42 points to reclaim its 9,900-mark.

"Benchmark indices opened in green on stellar June quarter numbers from RIL and a Rs 11,000 crore share buyback announcement by Wipro". Wipro was the top gainer in Nifty.

Total 75 stocks hit their fresh 52-week high on NSE, while 17 stocks hit their fresh 52-week low.

The BSE market breadth was bullish with 1,274 advances and 1,156 declines.

The US Dow Jones Industrial Average closed 0.13 per cent lower on Thursday. Reliance Industries Ltd, in a BSE filing on Friday, said that the board of directors of the company at its meeting held on July 21, 2017, has recommended issue of bonus shares to the members of the company in the ratio of 1:1, i.e. one bonus share for every one share held.

Besides Wipro and Reliance Industries, the top gainers on Nifty were Zee Entertainment, Coal India and Kotak Bank. 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.

Wipro jumped up as much as 8.1 percent to their highest since April 2016 before closing 6.28 per cent higher at Rs 286.05.

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