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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