Indian shares end higher; Reliance Industries leads

Indian shares end higher; Reliance Industries leads

The 50-share Nifty after shuttling between 9,924.70 and 9,838, settled higher 41.95 points, 0.42 per cent, at 9,915.25.

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined. "Equity benchmarks erased early gains in the morning trade".

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

Asian shares ended lower after the European Central Bank announced no changes to its stimulus policies, but European shares traded higher.

Indian shares gained on Friday, led by blue-chip Reliance Industries after the oil and gas major reported a better-than- expected quarterly earnings. Following the possible threat from the mobile business disruptor Reliance Jio, investors sentiment soured as there may be possibilities that the new JioPhone may dent the businesses of the existing telecom and cable TV operators.

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. Wipro, Reliance Industries and Zee Entertainment Enterprise were the top Nifty gainers, whereas Bharti Airtel, Indiabulls Housing Finnace and Power Grid Corporation of India were the top Nifty losers. The stock had hit a high of Rs 291 so far during the day, which is a 52-week high.

Shares of RIL jumped over 2% to touch Rs 1,564 per share while Wipro was trading higher by 6.7%, at Rs 287.05 per share. A total of 18,352.73 lakh shares changed hands in 9,712,846 trades. The scrip zoomed 8.75% to Rs 203 its 52-week high on BSE.