Sensex flares up on RIL buyback news

Rise in the Reliance counter, on the back of the board clearing the buyback proposal at Rs 570 a share, triggered the rally after the market exhibited a steady buying trend in the first half.

Buying in other select old economy stocks also have firmed up the Sensex, and it is now up 46 points at 6,544. The Nifty has added nine points to 2,072.

Reliance has bounced back into the green to Rs 533 (up Rs 10 or 1.89%), after the board cleared the buyback proposal at Rs 570 a share. While ITC has added 1.18% (Rs 15) to Rs 1,314, HLL is still up a rupee at Rs 145.

SBI is trading with a per cent gain (Rs 4) at Rs 613.

HPCL has gained 2.34% (Rs 9) to Rs 394, and L&T is up 1.37% (Rs 13) at Rs 989. Tisco (up Rs 10 or 2.92% to Rs 369) is holding on to its gains. Zee, however, is down 1.33% at Rs 170.

Gujarat Ambuja and ACC are up a per cent each at Rs 395 (up Rs 4) and Rs 324 (up Rs 3), respectively. Grasim has pared gains to Rs 1,299 - up Rs 15 or 1.18%.

Auto, cement and pharma counters are also displaying mix trends.