Sensex, Nifty overcome flat trend to end positively

BSE Sensex and NSE Nifty open higher

Jatin Dalal, Chief Financial Officer of Wipro said that the impact on operating margins by rupee appreciation and salary increases was partially offset by strong business efficiencies. The gauge had lost 50.95 points yesterday.

Both Sensex and Nifty rallied late in Friday's trading as both the indices gained around 0.40 per cent during the day. Reliance industries profit figures of 9% beat the market estimates and could be one reason of seeing the index to highs.

The Nifty closed at 9,899.60 points, while the Sensex closed at 31,955.35 points - up 244.36 points, or 0.77 per cent.

"Market was enthused today by Jio's rapid expansion and innovative plan..." IT major Wipro surged 6.28 per cent after the company announced a mega buyback offer of Rs 11,000 crore and posted a 1.2 per cent rise in consolidated net profit for the April- June quarter.

Coal India (up 2.66 per cent), Kotak Bank (1.90 per cent), TCS (1.87 per cent) and Infosys (1.11 per cent) had a field day. The announcement was made at the 40th AGM (Annual General Meeting) of RIL held in Mumbai.

Reliance gained 3.7 per cent, but its telecom rivals slumped, with Bharti Airtel ending down 2 per cent and Idea Cellular falling 3.3 per cent.

Asian shares ended lower after the European Central Bank announced no changes to its stimulus policies, but European shares traded higher. Shares of Wipro and Reliance Industries remain in the lead gainers on the benchmark Sensex today.

Foreign portfolio investors (FPIs) and domestic institutional investors (DIIs) kept faith in stocks and net bought shares, provisional data showed. The big movers were IT, technology, oil and gas and realty.

Broader markets were in a mixed form.

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