The Nifty has ended at highest level since January. The 50-share index was up 141.50 points or 1.8 percent at 7850.45. The Sensex closed up 481.16 points or 1.9 percent at 25626.75. About 1557 shares advanced, 1119 shares declined, and 152 shares were unchanged.
M&M, ICICI Bank, Maruti, BHEL and Bajaj Auto were top gainers while Infosys and Adani Ports were losers in the Sensex.
The buyback announcement by Wipro, feels Kawaljeet Saluja, executive director & head of research at Kotak Institutional Equities, is basically a tax-efficient cash-distribution approach adopted by the company, given the high tax incidence on dividend distribution.
Saluja agrees tightening of execution under the new chief executive at Wipro and opportunities to capture low hanging fruits in terms of business are positives which might aid growth in FY17. However, sustainable growth and convergence of growth rate with the industry will take time, he says citing reason for a reduced rating on the stock.
India's fuel demand surged to its highest level in at least 15 years in the fiscal year ended March, driven by growing appetite for gasoline-guzzling vehicles and a boost in mining and manufacturing activity.
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ReplyDeleteThe Indian rupee inched up slightly against the dollar in early trades on Tuesday, 20 December 2016 on fresh selling of the American currency by exporters.
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