Indian shares gain; Reliance rallies to over 9-year high

Reliance launched a 4G-enabled phone with "zero cost".

reliance jio
A woman checks her mobile phone as she walks past a mobile store of Reliance Industries' Jio telecoms unit, in Mumbai, India. REUTERS

Indian shares gained on Friday, led by blue-chip Reliance Industries after the petrochemicals-to-retail conglomerate reported a better-than- expected quarterly earnings and announced a low-cost, 4G-enabled phone.

The S&P BSE Sensex rose 0.39 percent to 32,028 while the broader NSE Nifty advanced 0.42 percent to 9,915.

In Asia, stocks took a pause after gaining for nine days. MSCI's broadest index of Asia-Pacific shares outside Japan, which has gained about 5 percent in the past two weeks, eased 0.2 percent on Friday.

Reliance Industries rose 3.9 percent to a more than 9-1/2-year high after its consolidated quarterly net profit increased 28 percent, beating analysts' estimates.

Billionaire Mukesh Ambani-led company launched a 4G-enabled phone with "zero cost", in an attempt to attract millions of customers to its newly launched telecoms unit Jio.

Software exporter Wipro jumped 7 percent after announcing a $1.7 billion share buyback.

Other gainers included Coal India, Tata Consultancy Services, Infosys up between 1 percent to 2.5

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.