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Weekly Review: Sensex, Nifty hit new peak during the week
August 20 2017, 02:04 | Irvin Gilbert
BSE Sensex opened 131 points higher at 32,035.88 points while NSE Nifty 50 opened just shy away from 9,900 level at 9,899.95 points
Strong earnings from Wipro and Indian Bank enthused investors.
The 30-share BSE Sensex was up 124.49 points at 32,028.89 and the 50-share NSENifty gained 41.95 points at 9,915.25 while the broader markets underperformed, with the BSE Midcap and Smallcap indices closing flat.
The gauge had lost 50.95 points yesterday. During the week, the Sensex registered a rise of 8.14 points, or 0.02 per cent, while the Nifty rose 28.90 points, or 0.29 per cent. "Additionally, continued buying interest in IT and private banks lifted the market from the volatile zone and settled in positive terrain", said Vinod Nair, Head of Research, Geojit Financial Services. Wipro, India's third biggest IT outsourcer, reported a better-than-estimated consolidated net profit of Rs 2,083 crore and announced a share buyback worth up to Rs 11,000 crore at a price of Rs 320, a premium of almost 19 per cent from Thursday's closing price of Rs 269.15.
Wipro shares spiked today after the company announced a mega share buyback plan worth up to Rs 11,000 crore. The rally was spilled over to other technology stocks like TCS (up 1.9 percent), Infosys (1.1 percent) and HCL Technologies (2 percent). The announcement was made at the 40th AGM (Annual General Meeting) of RIL held in Mumbai.
Reliance gained 3.7 percent, but its telecom rivals slumped, with Bharti Airtel Ltd ending down 2 percent and Idea Cellular Ltd falling 3.3 percent. Asian shares ended lower after the European Central Bank announced no changes to its stimulus policies, but European shares traded higher. "However, gains in index pivotals RIL and IT major Wipro supported the bourses at lower levels".