Corrections were seen in stocks that were highly overvalued without any fundamentals justifying the high valuations.
RIL's consolidated total income increased by 48% YoY to Rs 1,78,328 crore.
The company expects to hit the bourses by the end of this month and is planning to skip the pre-IPO share sale rounds to fast-track listing.
Nifty Realty index stood tall with gains of 2.56%, while Nifty Bank continued its upward trend and scaled to a fresh high of 40,587.
Dolat Capital continues to maintain its positive view on the stock with an accumulate rating and discounted cash flow based price target of Rs 5,200.
The company intends to take a price hike to offset raw material pressure that impacted margins in Q2
Sensex jumped 126 points or 0.21% to 61,050 while the Nifty 50 index was quoting at 18,230 higher by 52 points or 0.29%.
RIL said a majority of its shareholders have passed a resolution to appoint Saudi Aramco chairman Yasir Al-Rumayyan as an independent director.
S&P 500 posted a record closing high on Thursday, helped by gains in consumer discretionary and technology shares, while U.S. Treasury yields jumped.
Anand Rathi is bullish on Gujarat Gas with a price target of Rs 664.