Sensex surges 131 pts on RIL earnings numbers

The 30-share BSE Sensex was up 124.49 points at 32,028.89 and the 50-share NSE Nifty gained 41.95 points at 9,915.25 while the broader markets underperformed, with the BSE Midcap and Smallcap indices closing flat.

"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.

Indian shares gained on Friday, led by blue-chip Reliance Industries after the oil and gas major reported a better-than- expected quarterly earnings.

Stocks of Wipro, India's third largest IT firm, was also trading 7.06 per cent higher at Rs 288 after the company yesterday posted a 1.2 per cent rise in its consolidated net profit at Rs 2,076.7 crore for June quarter. BSE Small-cap index closed lower by 0.05% at 15,992.

Software exporter Wipro jumped 7 percent after announcing a $1.7 billion share buyback. Wipro shares rose 8.17% to a fresh 52-week high of Rs 291. Bharti Airtel fell 2.04 per cent while Idea Cellular closed3.11 per cent lower.

Other gainers included Infosys, Coal India, Asian Paints, NTPC, SBI, TCS, Tata Motors, HDFC Bank and ICICI Bank, rising by up to 1.04 per cent. The recovery was driven by Reliance Industries, technology and select banks stocks while telecom, infra and healthcare stocks capped the upside.

In Asia, stocks took a pause after gaining for nine days. A total of 18,352.73 lakh shares changed hands in 9,712,846 trades.

Shares of Balaji Telefilms also soared almost 9% today after Reliance Industries board approved a plan to pick almost 25% stake in the company by acquiring 2.52 crore for about Rs 413 crore.

  • Joey Payne