India's Sensex hits record high; Reliance Industries rallies

Reliance Industries rose 2.3 percent after better-than expected quarterly results.

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India's benchmark index Sensex hit a record high on Monday, 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.

At 0729 GMT, the S&P BSE Sensex rose 0.68 percent to 32,245 while the broader NSE Nifty advanced 0.54 percent to 9,969.

In Asia, stocks slipped with the MSCI's broadest index of Asia-Pacific shares outside Japan down 0.2 percent.

Reliance Industries rose 2.3 percent after its consolidated quarterly net profit increased 28 percent, beating analysts' estimates.

Billionaire Mukesh Ambani-led company on Friday 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 also rose 2 percent after announcing a $1.7 billion share buyback.

Other gainers included HDFC Bank, ITC, Adani Ports and Tata Consultancy Services up between 1 percent to 1.2 percent.

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