Indian shares edge up as financials gain; Reliance hits record high

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The NSE Nifty 50 bluechip index rose 0.5 per cent to 10,075 as of 0444 GMT, while the S&P BSE Sensex was up 0.42 per cent at 34,122.57. - Reuters
The NSE Nifty 50 bluechip index rose 0.5 per cent to 10,075 as of 0444 GMT, while the S&P BSE Sensex was up 0.42 per cent at 34,122.57. - Reuters

Dubai - Both the indexes were on track for second straight weekly gains.

By Staff Report


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Published: Fri 5 Jun 2020, 11:25 AM

Last updated: Fri 5 Jun 2020, 1:36 PM

Indian shares edged higher on Friday, helped by gains in financial stocks and a surge in conglomerate Reliance Industries after Abu Dhabi state fund Mubadala invested in its digital unit.
The NSE Nifty 50 bluechip index rose 0.5 per cent to 10,075 as of 0444 GMT, while the S&P BSE Sensex was up 0.42 per cent at 34,122.57. Both the indexes were on track for second straight weekly gains. The Nifty 50 has risen 5.16 per cent so far this week, after a similar rally last week.
"The market has not fallen despite big rally in the past few sessions and is sustaining above 10,000 levels, which is showing that there is still interest," said Siddhartha Khemka, head of retail research at Motilal Oswal Financial in Mumbai.
"Big block deals have been absorbed quickly. There has been a lot of interest, especially from institutional players. Liquidity has been pretty strong, which is driving the market."
Among individual stocks, Reliance Industries Ltd rose as much as 2.42 per cent to hit a record high on Friday at Rs 1,618 after it said Mubadala Investment Co will buy a 1.85 per cent stake in its digital unit, Jio Platforms, for Rs90.93 billion ($1.21 billion).
India's top lender by assets, State Bank of India, rose 3.22 per cent ahead of its March quarter results later in the day, while the Nifty banking index gained 1.63 per cent.
Larsen & Toubro Ltd was up 2.8 per cent ahead of March quarter results, while Hexaware Technologies Ltd soared as much as 20 per cent, after the IT firm said it was considering a buyout proposal from promoter HT Global IT Solutions Holdings Ltd.
Meanwhile, Asian stocks erased early losses on Friday and were poised for their biggest weekly rise since 2011.
Indian rupee erased some of early gains but trading higher at 75.47 per US dollar to quote at Dh20.56 amid buying seen in the domestic equity market.It opened 18 paise higher at 75.39 per dollar against previous close of 75.57.
- With inputs from Reuters - business@khaleejtimes.com


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