Sensex surges 131 pts on RIL earnings numbers

Selling pressure in metal, auto stocks pull equities lower

At 12.50 p.m., the wider Nifty of the National Stock Exchange (NSE) traded at 9,874.05 points - down 25.55 points, or 0.26 per cent - from its previous session's close.

Besides, RIL Chairman Mukesh Ambani today announced a 1:1 bonus issue at the company's 40th annual general meeting while unveiling Jio's 4G-enabled feature phone. Shares of Wipro and Reliance Industries remain in the lead gainers on the benchmark Sensex today. Wipro was the top gainer in Nifty.

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

Reliance gained 3.7 percent, but its telecom rivals slumped, with Bharti Airtel Ltd ending down 2 percent and Idea Cellular Ltd falling 3.3 percent.

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

Wipro Ltd rises as much as 7.29% to Rs 288.60, its highest since July 2016.

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

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.

In Asia, stocks took a pause after gaining for nine days. The stock closed up 9.9% at Rs 10.30 per share on BSE. Reliance industries profit figures of 9% beat the market estimates and could be one reason of seeing the index to highs.

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.

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