Weekly Review: Sensex, Nifty hit new peak during the week

Jul 23, 2017, 00:26
Weekly Review: Sensex, Nifty hit new peak during the week

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.

"Anupam Singhi, COO, William O'Neil India said", The benchmark indices started on a positive note on Monday, as the market continued its momentum from last week.

On Tuesday, key indices fell, as the market heavyweight ITC dropped more than 12 percent, after the GST council chose to increase the cess on cigarettes.

Finally, by the close of the week, the key indices were within touching distance of their record highs registered on Monday.

The Sensex touched a high of 32,062.23 points and a low of 31,808.93 points during intra-day trade. The announcement was made at the 40th AGM (Annual General Meeting) of RIL held in Mumbai. Shares of Wipro and Reliance Industries remain in the lead gainers on the benchmark Sensex today.

Its board also announced a share buyback proposal of Rs 11,000 crore.

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.

The 30-share index bounced 131.48 points, or 0.41 per cent, at 32,035.88. The most valuable telecom company as of now, Bharti Airtel slipped almost 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.

Reliance Industries rose 3.9 percent to a more than 9-1/2-year high after its consolidated quarterly net profit increased 28 percent, beating analysts' estimates.

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