BENGALURU, Nov 25 (Reuters) - Indian shares recovered from
session lows to end Thursday higher, helped by energy and IT
stocks, with a 6% rally in Reliance Industries leading the way.
The blue-chip NSE Nifty 50 index ended up 0.7% at
17,536.25, while the benchmark S&P BSE Sensex rose
0.78% to 58,795.09.
"A lot of shopping has happened with Reliance stocks since
the company announced a halt in its deal with Saudi Arabia's
Aramco," said Rahul Shah, VP-Equity Advisory at Motilal Oswal
Financial Services Ltd.
He added the oil-to-telecom conglomerate's plan to transfer
its gasification assets to a unit, its recent emphasis on clean
energy businesses and a possible telecom tariff rate hike are
helping investor sentiment.
Reliance shares rose as much as 6.22%, its best
day in nearly six months, before ending up 6.02%. The stock
boosted the Nifty Energy Index by 2.4%
IT stocks rose 0.96%. Coforge Ltd and
MindTree Ltd rose 2.33% and 1.56%.
Most sectoral indexes, except financial stocks, ended the
Sentiment was also aided after ratings agency Moody's said
India's progress on coronavirus vaccinations will support
"sustained recovery in economic activity," and projected a GDP
growth of 9.3% and 7.9% in fiscal 2022 and 2023 respectively.
Shares of consumer goods majors Hindustan Unilever
and Colgate Palmolive India ended 1.08% and 0.96%
lower, while peers ITC Ltd and Dabur India
recovered from the day's losses.
The Nifty FMCG Index ended up 0.21%, after
falling as much as 0.89%.
Motilal's Shah said inflation was a very real worry for
consumer goods companies, many of which reported muted quarterly
results and have spelt out how a price rise would impact them.
However, he added the broader picture for markets looked
more promising in the near-term.
Globally, tech stocks in Asia rose - following overnight
advances by U.S. tech companies - and pushed Asian shares higher
(Reporting by Vishwadha Chander in Bengaluru; Editing by
Uttaresh.V and Shailesh Kuber)