Mumbai July 21 (IANS) Healthy quarterly results from index heavyweights such as Reliance Industries (RIL) and Wipro buoyed the Indian equity markets on Friday.
According to market observers ample liquidity and increase in off-take by retail investors following RIL s robust numbers provided a perfect platform.
However the session was marked with high volatility with the Sensex swinging across nearly 250 points.
Both the key domestic equity indices fell around noon due to profit booking especially in telecom and pharma stocks but a recovery followed due to a strong performance by Reliance and Wipro.
This led the wider Nifty of the National Stock Exchange (NSE) to rise by 41.95 points or 0.42 per cent to close at 9 915.25 points.
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.
The Sensex touched a high of 32 062.23 points and a low of 31 808.93 points during intra-day trade.
"The Sensex ended above the psychologically important 32 000-mark after trading above and below that level in intra-day trade " said Deepak Jasani Head of Retail Research with HDFC Securities.
"Shares had fallen in intra-day trade due to negative global cues. However gains in index pivotals RIL and IT major Wipro supported the bourses at lower levels."
The RIL stock made a fresh nine-year high on the back of encouraging Q1 FY18 results and Annual General Meeting announcements by its Chairman Mukesh Ambani.
"Shares of RIL a market heavyweight soared 3.88 per cent to Rs 1 588 (at 3.07 p.m.) after the AGM wherein the company announced its JioPhone a day after its impressive quarterly results on the back of higher petrochemical margins " said Dhruv Desai Director and Chief Operating Officer of Tradebulls.
"Shares of Wipro India s third largest IT firm traded higher by 7.06 per cent to Rs 288 after the company on Thursday posted a 1.2 per cent rise in its consolidated net profit at Rs 2 076.7 crore for June quarter " Desai said.
"Besides the company s board announced a share buyback proposal of Rs 11 000 crore entailing 34.3 crore shares at Rs 320 apiece."
On the currency front the rupee strengthened by 12 paise to 64.32 to a US dollar from its previous close at 64.43-44.
In investments provisional data with the exchanges showed that foreign institutional investors (FIIs) purchased scrip worth Rs 12.90 crore while domestic institutional investors (DIIs) bought stocks worth Rs 147.66 crore.
--IANS
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