Nifty Near All-Time High; Reliance Industries Surges 4%

BSE Sensex and NSE Nifty open higher

BSE Sensex and NSE Nifty open higher

However, Wipro's guidance for the September quarter disappointed investors.

Reliance Industries ended at fresh 9-year high of Rs 1,586.20, up 3.76 percent after Chairman and Managing Director, Mukesh Ambani announced bonus issue in the proportion of one share for every share held and unveiled the JioPhone with refundable deposit of Rs 1,500 for three years and monthly rental of Rs 153.

The gauge had lost 50.95 points yesterday. The recovery was driven by Reliance Industries, technology and select banks stocks while telecom, infra and healthcare stocks capped the upside.

This led the wider Nifty of the National Stock Exchange (NSE) to rise by 41.95 points, or 0.42 per cent, to close at 9,915.25 points.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 32,033.82 points, closed at 31,904.40 points - down 50.95 points, or 0.16 per cent, from the previous close at 31,955.35 points.

Mumbai: Benchmark Nifty rose 42 points today to end above the key 9,900-level on buying in IT, energy and banking counters.

Wipro said that it will buyback shares worth Rs 11,000 crore.

Wipro shares were trading higher by almost 8 per cent as the country's third-largest IT outsourcer has announced a second buyback in two years, of 343.75 million shares, which is about 7 per cent of the equity, aggregating a payout of ₹11,000 crore.

Other gainers included Coal India, Tata Consultancy Services, Infosys up between 1 percent to 2.5 percent.

The midcap index slipped 0.16 per cent, while smallcap gained 0.54 per cent.

Shares in Reliance rose as much as 3.9 percent to Rs. 1,588, their highest since January 2008, but its telecom rivals slumped on worries about the intensifying competition in the sector, with Bharti Airtel Ltd and Idea Cellular Ltd down as much as 4.1 percent and 7.3 percent, respectively.

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