Sensex surges 131 pts on RIL earnings numbers
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 yesterday. Besides, better-than-estimated results by Wipro gave investors more confidence. The 30-share index bounced 131.48 points, or 0.41 per cent, at 32,035.88. The big movers were IT, technology, oil and gas and realty. The gauge had lost 50.95 points yesterday. The NSE Nifty gained 26.65 points, or 0.26 per cent, 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 per cent, to Rs 1,559.75, in early trade after the company yesterday 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 per cent higher at Rs 288 after the company yesterday posted a 1.2 per cent 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 per cent. Globally, Japan's Nikkei was down 0.25 per cent while Hong Kong's Hang shed 0.24 per cent in early trade today. Shanghai Composite too was down 0.19 per cent. The US Dow Jones Industrial Average closed 0.13 per cent lower yesterday. —PTI News
