Indian shares end higher; Reliance Industries leads

Selling pressure in metal, auto stocks pull equities lower

BSE Sensex opened over 50 points up or 0.16% at 31,954.60 while the wider NSE Nifty opened 17 points up at 9,890.60 during the early morning trade.

About 1,424 shares declined against 1,255 advancing shares on the BSE.

Reliance Industries Ltd, in a BSE filing on Friday, said that the board of directors of the company at its meeting held on July 21, 2017, has recommended issue of bonus shares to the members of the company in the ratio of 1:1, i.e. one bonus share for every one share held.

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.

The 30-share index bounced 131.48 points, or 0.41 per cent, at 32,035.88. 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.

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Wipro shares spiked today after the company announced a mega share buyback plan worth up to Rs 11,000 crore.

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.

Asian shares ended lower after the European Central Bank announced no changes to its stimulus policies, but European shares traded higher.

Other telecom stocks which came under pressure after the announcement are Reliance Communications down 2.45% to Rs 23.85, Tata Communications down 2.31% to Rs 651.9, Tata Teleservices Maharashtra fell 2.4% to Rs 7.33. The stock had hit a high of Rs 291 so far during the day, which is a 52-week high. It was followed by Godrej Consumer Products (Rs. 1,543.50 million), Reliance Industries (Rs. 419.94 million) and Sterlite Technologies (Rs. 262.23 million).

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