The benchmark BSE Sensex ended higher by over 120 points led by Reliance earnings, combined with Wipro Ltd's $1.71-billion share buyback plan and upbeat results.
The 30-share BSE index Sensex ended up by 124.49 points or 0.39 per cent at 32,028.89 and the 50-share NSE index Nifty closed higher by 41.95 points or 0.42 per cent at 9,915.25
Among BSE sectoral indices, IT index gained the most by 1.66 per cent, followed by TECk 1.26 per cent, consumer durables 1.09 per cent and oil & gas 0.99 per cent. On the other hand, realty index plunged 1.1 per cent, followed by healthcare 0.54 per cent, power 0.42 per cent and capital goods 0.32 per cent.
Top five Sensex gainers were Wipro (+6.47%), Reliance (+3.76%), Coal India (+2.66), TCS (+1.87%) and Kotak Bank (+1.86%), while the major losers were Bharti Airtel (-2.05%), Lupin (-1.99%), Power Grid (-1.85%), Hero MotoCorp (-1.34%) and Cipla (-0.96%).
RIL jumps nearly 4%
Reliance Industries Ltd climbed as much as 3.9 per cent to a more than 9-1/2-year high after posting strong quarterly results and announcing a low-cost, 4G-enabled phone.
Reliance Chairman Mukesh Ambani announced on Friday the launch of the device - aimed to draw tens of millions of low-income users to its telecoms venture Jio's service - a day after the oil-to-telecoms conglomerate posted “surprisingly robust” results, fuelled by improved refining margins.
RIL shares rose as much as 3.9 per cent to Rs 1,588, their highest since January 2008, but its telecom rivals slumped on worries about the intensifying competition in the sector, with Bharti Airtel Ltd and Idea Cellular Ltd down as much as 4.1 per cent and 7.3 per cent, respectively.
Wipro shares rally
Wipro jumped up as much as 8.1 per cent to their highest since April 2016 and was the top gainer on the Nifty IT index , which was up 2 per cent.
Wipro stocks jumped as the country's third largest IT outsources announed healthy results and a Rs 11,000-share buyback plan.
“Sentiment is now turning positive towards large-cap companies, with corporate results being fairly decent so far, and that is one of the key drivers for the market,” said Siddharth Purohit, senior research analyst at Angel Broking.