Globally, Japan's Nikkei was down 0.25 per cent while Hong Kong's Hang shed 0.24 per cent in early trade today. "However, gains in index pivotals RIL and IT major Wipro supported the bourses at lower levels".
Wipro was biggest gainer among Sensex stocks, up 6.5 percent after higher-than-expected worth (Rs 11,000 crore) of share buyback and good June quarter earnings despite subdued Q2 dollar revenue guidance and analysts' negative stance.
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. Wipro had on Thursday proposed to buy back almost 344 million shares of Rs 2 face value for Rs 11000 crore ($1.7 billion) at Rs 320 per share.
Wipro jumped up as much as 8.1 percent to their highest since April 2016 before closing 6.28 per cent higher at Rs 286.05.
Coal India (up 2.66 per cent), Kotak Bank (1.90 per cent), TCS (1.87 per cent) and Infosys (1.11 per cent) had a field day. Shares of ICICI Bank (up 0.22%) recouped in the late afternoon and ended in green while Axis Bank closed 0.02% lower.
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. Reliance industries profit figures of 9% beat the market estimates and could be one reason of seeing the index to highs. The stock closed up 9.9% at Rs 10.30 per share on BSE.