Indian shares end higher as beaten down Reliance jumps
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BENGALURU - Indian shares ended higher on Thursday, as investors bought beaten down Reliance Industries and Hindustan Unilever, while strong earnings drove up Hindalco.
India's main stock indexes have gained some 11% in February, thanks to stronger-than-expected corporate earnings and a high-spending federal budget, taking benchmarks to multiple all-time highs.
The NSE Nifty 50 index closed 0.44% higher at 15,173.30, while the S&P BSE Sensex ended 0.43% higher at 51,531.52.
Oil-to-telecoms conglomerate Reliance was the top boost to the Nifty 50 with a 4.1% jump. It was the stock's best day in five months.
Up to Wednesday's close, Reliance was one of a handful of Nifty 50 stocks that were down year-to-date. The Nifty 50, on the other hand, has advanced almost 9% this year.
Consumer products giant Hindustan Unilever was the next biggest boost to the Nifty with a 1.2% gain. The stock is still down 5.5% in 2021.
Hindalco Industries closed 5.7% higher after the aluminium and copper producer reported double-digit increases in quarterly profit and revenue, pushing the Nifty metals index up 1.02%.
Eicher Motors fell for the second straight session, shedding 2.9%, after December-quarter earnings on Wednesday.
Magma Fincorp jumped 10% after a firm backed by billionaire Adar Poonawalla said it would buy a majority stake in the shadow banking company. The stock had risen 45% in the previous three sessions and is now up 107% just in February.
Global shares, meanwhile, rose for a ninth consecutive day on Thursday as investors digested recent gains. [MKTS/GLOB]
