Indian shares hit all-time highs on Reliance, Asian markets boost


Article content

BENGALURU — Indian shares hit record highs on Monday, boosted by heavyweight Reliance Industries and firmer Asian markets after a weak U.S. jobs report raised hopes that the Federal Reserve could continue its massive economic support for a longer period.

The blue-chip NSE Nifty 50 index was up 0.44% at 17,399.75 by 0346 GMT and the benchmark S&P BSE Sensex climbed 0.46% to 58,394.95. Both the indexes rose more than 3.50% in their second straight week of gains last week.

Oil-to-telecoms conglomerate Reliance Industries Ltd and Hindalco Industries Ltd were among the top performers on the Nifty 50, gaining 2.4% and 1.8%, respectively.

In the broader Asian market, shares edged higher as a disappointing U.S. payrolls report promised to keep policy there loose for longer, but also clouded the outlook for global growth and inflation. (Reporting by Rama Venkat in Bengaluru; editing by Uttaresh.V)