Indian stocks continue to rise; Reliance Industries sets a new high

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On Friday, Indian shares rose for the second day in a row, with Reliance Industries reaching a new high, but a drop in Axis Bank following its March-quarter results restricted the rise in the benchmark Nifty 50 index.

As of 0440 GMT, the NSE Nifty 50 index (NIFTY) was up 0.19 percent at 17,278.60, while the S&P BSE Sensex (.BSESN) was up 0.23 percent at 57,651.44. The indices surged more than 0.5 percent early on Friday before reversing some of their gains.

On Thursday, positive U.S. tech earnings helped markets throughout the world gain ground, with Indian benchmark indexes jumping more than 1%.

Both indexes, however, were expected to fall by more than 1% in April.

Asian stocks edged up on Friday, but investor confidence remained shaky amid concerns about global economic growth and expected Fed rate hikes in the United States.

“We are seeing an extension of the previous session’s recovery… Ukraine war situation, pace of interest rate hikes, inflationary, high commodity prices, and consumers’ limited purchasing power will continue to mount pressure and keep markets rangebound and volatile,” said KK Mittal, investment adviser at Venus India.

Reliance Industries (RELIANCE) extended its winning streak to a fourth session, climbing 1.3 percent to a new high of 2,856.15 rupees.

Sun Pharmaceutical (SUNPHARMA) gained 5% to a near seven-year high, becoming the Nifty 50 index’s top percentage gainer, and pushing the Nifty’s Pharma sub-index (CNXPHARMA) up 2%.

Varroc Engineering (VARROC) rose 20% to its highest level since January 2020 after the auto component manufacturer announced plans to divest its 4-wheeler lighting systems operations in the Americas and Europe.

Varun Beverages (VBL) soared 8.7 percent to a new high after reporting a higher quarterly net profit.

Axis Bank (AXISBANK), which released its March-quarter earnings on Thursday evening, plummeted 5.2 percent to a one-month low, bringing the Nifty 50 index’s rise to a halt.

Wipro (WIPRO), which had gained as much as 1.1 percent, lost ground and was trading 1.3 percent lower, while Maruti Suzuki India (MARUTI) was flat ahead of its March-quarter results.

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