BENGALURU, May 13 (Reuters) - Indian shares rose on Friday as Asian markets firmed, heavyweight Reliance Industries rallied, and investors looked past a high domestic inflation reading, while automaker Tata Motors surged after reporting improved demand.

The NSE Nifty 50 index was up 1.03% at 15,970.45 as of 0508 GMT, with all major sub-indexes trading higher, while the S&P BSE Sensex rose 0.93% to 53,421.08.

The benchmark indexes, which declined more than 2% each in the previous session, are set to snap their five-day losing streak if Friday's gains hold. Still, they're on track to post their longest weekly losing streak since 2020.

In global markets, Asian shares rose and the dollar remained at 20-year highs.

"With many days of selling in the domestic and global markets, and after two key inflation data from India and U.S. already discounted, we're seeing some kind of a relief rally," said Narendra Solanki, head of equity research at Anand Rathi Investment Services.

India's annual retail inflation rose by a more-than-expected 7.79% in April, staying above the Reserve Bank of India's tolerance band of 6% for a fourth straight month.

The market will take further cues based on the quantum or steepness of the rate hikes by the central banks, Solanki said.

Conglomerate Reliance Industries, India's most valuable company, jumped 2.4%, and was set to snap a nine-day losing streak.

Bajaj Finance, Bajaj Finserv were among the top Nifty 50 gainers, advancing over 1% each.

The Nifty's auto index was the top gainer among other sub-indexes, adding 3%. Tata Motors led the jump with its 8.8% climb after reporting a smaller quarterly loss and saying it will meet yearly profit and cashflow targets.

Nifty 50 components State Bank of India and Eicher Motors were up 0.8% and 2%, respectively, ahead of their quarterly results announcement. (Reporting by Rama Venkat in Bengaluru; Editing by Vinay Dwivedi and Uttaresh.V)