Sensex, Nifty overcome flat trend to end positively

Selling pressure in metal, auto stocks pull equities lower

Reliance Industries, IT stocks help Sensex gain 124 pts, Nifty hold 9900; telecom dips

Strong earnings from Wipro and Indian Bank enthused investors. The gauge had lost 50.95 points yesterday.

The wider Nifty of the National Stock Exchange (NSE) fell by 26.30 points, or 0.27 per cent to provisionally close at 9,873.30 points (at 3.30 p.m.).

The 30-share index bounced 131.48 points, or 0.41 per cent, at 32,035.88. Reliance industries profit figures of 9% beat the market estimates and could be one reason of seeing the index to highs.

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. 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. Wipro soared 6.4% at Rs 286.30 per share as the company's board has approved a share buyback on Thursday, the company informed the bourses. The rally was spilled over to other technology stocks like TCS (up 1.9 percent), Infosys (1.1 percent) and HCL Technologies (2 percent).

Shares of telecom companies struggled after Reliance Industries today announced the launch of the much-awaited 4G feature phone at the company's 40th annual general meeting. Bharti Airtel, Idea Cellular (though recovery sharply towards the close), Dish TV, Hathway Cable and GTPL Hathway were down 2-6 percent.

Most Asian markets declined, taking a breather from the recent upmove and after the European Central Bank (ECB) took a dovish stance on policy.

On the BSE sectoral front, IT rose 1.66 per cent and so did consumer durables, oil and gas and banking.

The market regained momentum in last hour of trade Friday, with the Nifty closing above 9,900-mark despite weakness in global peers.

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