Indian shares rise as Reliance hits record high

BENGALURU, Sept 10 (Reuters) – Indian shares rose on Thursday, boosted by a jump in Reliance Industries Ltd after reports of more potential investments in its retail arm, while a halt in selling on Wall Street sent stock markets across Asia higher.

The blue-chip NSE Nifty 50 index rose 0.73% to 11,360.55, while the benchmark S&P BSE Sensex was up 0.82% to 38,508.29 by 0456 GMT.

India’s most valuable company Reliance rose as much as 2.7% to hit a record high, a day after it secured $1 billion in investment in its retail business from private equity firm Silver Lake. Middle East sovereign firms are also in talks to buy stakes in the retail arm, according to the reports on Thursday.

“Reliance has gained expertise in the investment process through their fund raising in (their Jio Platforms digital business) and now they are repeating it in retail…some more upside may be there in the near term,” said Deepak Jasani, head of research at HDFC Securities in Mumbai.

Reliance, whose primary business is oil, also helped the Nifty energy index rise 1.73%.

The Nifty bank index rose 0.77%, with IndusInd Bank rising as much as 3.8% to be among the top percentage gainers on the Nifty 50.

India’s top court is set to continue hearing a case on loans under a moratorium later today, with banks fighting for interest not to be waived.

Telecom infrastructure company Bharti Infratel Ltd and agricultural solutions provider UPL Ltd were among the top laggards on the Nifty, falling as much as 1.9% and 1.5% respectively. (Reporting by Anuron Kumar Mitra in Bengaluru; editing by Patrick Graham)

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