Indian shares track Asia stocks to rise nearly 1%; Tata Motors jumps
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BENGALURU - Indian shares rose nearly 1% on Friday amid strength in the broader Asian market with investors seeming to look past domestic inflation data that hit an 8-year high, while automaker Tata Motors surged after it reported improved demand.
The NSE Nifty 50 index was up 0.94% at 15,957.35 as of 0352 GMT, with all its major sub-indexes trading in positive territory, while the S&P BSE Sensex rose 0.83% to 53,367.08. The benchmark indexes posted their fifth session of losses on Thursday, falling more than 2% each.
India's annual retail inflation rose by a more-than-expected 7.79% in April, hurt by rising food and energy prices.
Reliance Industries, Bajaj Finance and Bajaj Finserv were among the top Nifty 50 gainers, advancing 1.6% each.
Nifty's auto index rose 2.3%, led by Tata Motors that jumped 7%. The Jaguar Land Rover owner reported a smaller loss for the fourth quarter, helped by strong demand and said it would meet its profit and cashflow targets for the year.
Nifty 50 components State Bank of India and Eicher Motors were up 1.07% and 1.7% respectively, ahead of their quarterly results.
Asian shares were trading higher, the dollar remained at 20-year highs and global stocks near 18-month lows over fears about persistently high inflation and tightening by central banks to tame it.
