Picture used for illustrative purpose. File
Indian shares closed higher on Thursday, boosted by Reliance Industries Ltd that hit a record high after reports of more potential investments in its retail arm, helping the domestic market outperform its broader Asian peers.
The blue-chip NSE Nifty 50 index closed 1.52% higher at 11,449.25, while the benchmark S&P BSE Sensex closed up 1.69% at 38,840.32.
Mukesh Ambani-led Reliance closed 7.1% higher and became the first listed Indian firm to cross $200 billion in market capitalisation after reports of potential investments from Middle East funds and Amazon.com Inc in its retail arm.
This helped the Indian market post bigger gains than Asian peers who were up following an overnight rally in technology-related stocks on Wall Street, while Europe struggled for traction.
"(Reliance) stock has been on a tear... we expect the company to attract further investments in the retail business from other investors," said Jyoti Roy, deputy vice president and equity strategist at Angel Broking Ltd.
Reliance, whose primary business is oil, also helped the Nifty Energy Index close 3.98% higher.
The Nifty Bank Index closed 0.89% higher. India's top court on Thursday deferred hearing a case on waiving interest rates on loans under a moratorium to the last week of this month.
Telecom infrastructure company Bharti Infratel Ltd and aluminium and copper producer Hindalco Industries Ltd were the top laggards on the Nifty, closing down 5% and 3.4%, respectively.
The broader NSE Nifty 50 index rose 0.72% to 10,882.15 and the S&P BSE Sensex climbed 0.7% to 36,809 by 0458 GMT, after falling for six straight sessions.
The blue-chip NSE Nifty 50 index closed 0.1% lower at 11,504.95, while the benchmark S&P BSE Sensex, which has fewer pharma components, ended down 0.34% at 38,845.82.
The NSE Nifty 50 index was up 0.80% at 13,239.05 as of 05:12 GMT, while the S&P BSE Sensex was up 0.80% at 44,993.92. Both indexes hit record highs. The Indian rupee strengthened to 73.72 against the dollar.
The Reserve Bank of India (RBI), the country’s central bank, on Friday has kept key interest rates steady to subdue the unabatedly high inflation rate. However, the Monetary Policy Committee (MPC) of the central bank (CB) maintained the growth-oriented
London FTSE 100 rose 0.8% as crude prices gained while in Asia, MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.78%.
Global trade, shipping business and supply chain industry will return to growth next year following positive news on the coronavirus vaccine that will help restore confidence in the economy, experts say.
The Indian-based firm Indus Net Technologies (INT) is keen to expand its operations across the Gulf region. We have been serving clients in the Middle East for over a decade. However, we will now look for a stronger presence in this market from 2021 onwards.