Sensex rises; Reliance Industries hits 9-1/2-year high on Jio, results

Sensex rallies 124.49 pts to end at 32,028.89; Nifty gains 41.95 pts to close at 9,915.25.

Equity benchmarks erased morning gains, with the Sensex down 5.90 points at 31,898.50 and the Nifty down 7.40 points at 9,865.90.

Reliance stocks rally 3 percent, as company launches intelligent smartphone under Jio brand.

The stock of RIL, a market heavyweight, soared 2.03 percent, to Rs 1,559.75, in early trade after the company yesterday reported its highest quarterly consolidated net profit of Rs 9,108 crore in three months to June on the back of higher petrochemical margins and one-time gain from sale of African asset.

Spot gold rose 0.1 percent to $1,245.01 per ounce at 0401 GMT after touching a three-week high of $1,247.48 an ounce in the previous session. It is up about 1.4 percent for the week so far. 
U.S. gold futures for August delivery fell 0.1 percent to $1,244.70 per ounce.

The rupee strengthened 8 paise to 64.35 against the dollar today on heightened selling of the US currency by exporters and banks, with stronger domestic stocks providing support.
The dollar hit a nearly two-year low against the euro after the head of the European Central Bank said tapering of its stimulus will be on the table this autumn.

Sensex was up 51.64 points at 31,956.04 and the 50-share NSE Nifty gained 11.80 points at 9,885.10.