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Sensex, Nifty overcome flat trend to end positively

Sensex, Nifty overcome flat trend to end positively

After opening the week at 32,053.98 points, the Sensex closed at 32,028.89, advancing just 0.03 percent from the previous Friday?s closing price.

Shares of RIL jumped over 2% to touch Rs 1,564 per share while Wipro was trading higher by 6.7%, at Rs 287.05 per share. Shares of ICICI Bank (up 0.22%) recouped in the late afternoon and ended in green while Axis Bank closed 0.02% lower.

Meanwhile, oil-to-telecoms conglomerate Reliance Industries (RIL) posted a 9 per cent rise in first-quarter standalone profit at Rs 8,196 crore on Thursday, helped by higher margins from its core petrochemicals business.

New Delhi, July21:Sensex and Nifty were trading on a flat note on Friday, with Reliance Industries Ltd climbing as much as 3.9 percent to a more than 9-1/2-year high after posting strong quarterly results and announcing a low-priced, 4G-enabled phone.

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Other gainers included Coal India, Tata Consultancy Services, Infosys up between 1 percent to 2.5 percent. Per street expectations, the guidance was expected to be in the range of 0-2 per cent, while the actual guidance was in the range of -0.5 per cent to 1.5 per cent or $1,962 million to $2,001 million.

According to traders, a string of strong quarterly earnings, including from index heavyweight RIL, and progress of monsoon made the pitch conducive to more gains. Similarly, the major gainers in the wider NSE Nifty were Wipro, Reliance and Infratel while the major losers were Lupin, Bharti Airtel and Cipla. A total of 750 scrips advanced, 920 declined, while 78 remained unchanged.

Wipro yesterday announced a mega buyback offer of Rs 11,000 crore, joining the growing roster of IT firms returning surplus cash to their shareholders.