Indian shares end higher; Reliance Industries leads

Indian shares end higher; Reliance Industries leads

The BSE market breadth was bearish with 1,434 declines and 1,284 advances.

Analysts say the stock may reach its new nine-year high, citing likely announcements in the Reliance Industries AGM event today where it is likely to launch a new 4G Jio phone at an unexpected price tag of Rs 500.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 32,035.88 points, closed at 32,028.89 points - up 124.49 points, or 0.39 per cent, from the previous close at 31,904.40 points.

Wipro said that it will buyback shares worth Rs 11,000 crore. During the day, it soared 8.17 per cent to Rs 291 its 52-week high. RIL shares rose by almost 4% after the company reported its highest quarterly consolidated net profit of Rs 9,108 crore for the April-June quarter. Asian shares ended lower after the European Central Bank announced no changes to its stimulus policies, but European shares traded higher.

Among the S&P BSE sectoral indices Teck rose by 2.77 percent, IT 2.69 percent, Metal 1.88 percent, Bankex 1.36 percent, Oil&gas 1.03 percent and Helathcare 0.92 percent while FMCG fell by 6.56 percent.

Indian shares gained on Friday, led by blue-chip Reliance Industries after the petrochemicals-to-retail conglomerate reported a better-than- expected quarterly earnings and announced a low-priced, 4G-enabled phone.

However, the news that got investors happy was about the buyback. DTH operator stocks also plummeted soon after the oil-to-telecom conglomerate Reliance Industries Ltd announced its cable TV.

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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