Sensex, Nifty rise as Reliance hits record high

Mukesh Ambani-led Reliance Industries Ltd rose as much as 2.1% to hit a record high, a day after it secured $1 billion in investment in its retail business from private equity firm Silver Lake.

Indian shares rose on Thursday, driven by gains in shares of Reliance Industries after reports of potential stake sales in the company’s retail arm, with strength in broader Asian markets also boosting investor sentiment.

People walk past at a screen displaying India's Finance Minister Nirmala Sitharaman before the budget, on a facade of the Bombay Stock Exchange (BSE) building in Mumbai, February 1, 2020. REUTERS/Francis Mascarenhas/Files (REUTERS)

The blue-chip NSE Nifty 50 index rose 0.67% to 11,353.75, while the benchmark S&P BSE Sensex was up 0.75% to 38,473.39 by 0354 GMT.

Mukesh Ambani-led Reliance Industries Ltd rose as much as 2.1% 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 reports.

The Nifty bank index rose 0.91%. India’s top court is set to continue hearing a case on waiving interest rates on loans under a moratorium later today.

Broader Asian markets rose following an overnight rally in technology-related stocks on Wall Street after a global selloff.