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

Wipro rallies 8% on Rs. 11000-cr share buyback

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

On the back of this announcement, the launch of JioPhone and impressive Q1 results, RIL stock buzzed throughout the day.

The broader NSE index closed up 0.42 percent at 9,915.25, while the benchmark BSE index finished 0.39 percent higher at 32,028.89.

Among the 31-share Sensex pack, 23 stocks rose and remaining 8 stocks fell during the week. Wipro, India's third-largest IT firm, surged most by 6.47 per cent as the company's earnings yesterday beat Street expectations.

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

"Besides, the company's board announced a share buyback proposal of Rs 11,000 crore entailing 34.3 crore shares at Rs 320 apiece".

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Positive global cues and healthy quarterly results from index heavyweights such as Reliance Industries (RIL) and Wipro buoyed the Indian equity markets on Friday.

However, the news that got investors happy was about the buyback.

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.

The stock jumped 6.47 per cent to settle at Rs 286.40 on BSE.

The sectoral indices mostly ended in green led by Nifty IT which rose 2.19% and NSE index for the bank, financial services, media, metal and FMCG stocks closed higher with gains up to 1.1% while Nifty Pharma, Realty and Auto closed in the red.

Reliance Industries could also announce a new tariff plan with aggressive price points for Jio consumers with its 84 day "Dhan Dhana Dhan Offer" coming to an end on April 11.