Reliance Industries JioPhone, cable TV launch, late recovery in other stocks and Wipro’s share repurchase lead the domestic markets to close higher on Friday. BSE Sensex gained over 100 points to close above 32,000 while NSE Nifty rose over 40 points to settle above 9,900.
Reliance Industries JioPhone, cable TV launch, late recovery in other stocks and Wipro’s share repurchase lead the domestic markets to close higher on Friday. BSE Sensex gained over 100 points to close above 32,000 while NSE Nifty rose over 40 points to settle above 9,900. Shares of Wipro and Reliance Industries remain in the lead gainers on the benchmark Sensex today. The 30-share barometer ended higher up 0.39% at 32,028.89 points while the broader Nifty 50 again settled above 9,900 level, up 0.47% at 9,920.1 points.
Shares of Wipro and Reliance Industries remain in the lead gainers on Sensex today. RIL shares rose by nearly 4% after the company reported its highest quarterly consolidated net profit of Rs 9,108 crore for the April-June quarter. The stock after making a positive opening, further jumped 3.85% to Rs 1,592.2, its new 52-week high on BSE after Mukesh Ambani announced the launch of JioPhone.
Wipro shares spiked today after the company announced a mega share buyback plan worth up to Rs 11,000 crore. Wipro shares rose 8.17% to a fresh 52-week high of Rs 291. Other gainers on the benchmark Sensex includes Coal India (up 2.56%), TCS (up 2.16%), Kotak Mahindra Bank (up 1.9%), Infosys (1.11%), Tata Motors (up 0.88%). Shares of ICICI Bank (up 0.22%) recouped in the late afternoon and ended in green while Axis Bank closed 0.02% lower.
However, shares of telecom companies dived on Friday after Mukesh Ambani launched the JioPhone at the Reliance Industries Annual General Meeting 2017. 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. The most valuable telecom company as of now, Bharti Airtel slipped nearly 4% just after the announcement to the day’s low of Rs 403 while Idea Cellular fell as much as 7.01% to Rs 88.2 on BSE.
Other telecom stocks which came under pressure after the announcement are Reliance Communications down 2.45% to Rs 23.85, Tata Communications down 2.31% to Rs 651.9, Tata Teleservices Maharashtra fell 2.4% to Rs 7.33. DTH operator stocks also plummeted soon after the oil-to-telecom conglomerate Reliance Industries Ltd announced its cable TV. Shares of Dish TV India tumbled as much as 8.56% to Rs 75.75, Sun TV Network stocks declined 4.8% to Rs 788, Eros Media fell 4.1% to Rs 224.25 and Hathaway Digital & Datacom also plunged 4.87% to Rs 33.2.
Foreign Portfolio Investors bought Rs 175 crore worth of shares while they sold debt securities and bonds worth Rs 1,144.26 crore at the end of the day as per the data released by the NSDL (National Securities Depository Limited). 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.
Shares of Balaji Telefilms also soared nearly 9% today after Reliance Industries board approved a plan to pick nearly 25% stake in the company by acquiring 2.52 crore for about Rs 413 crore. The scrip zoomed 8.75% to Rs 203 its 52-week high on BSE.