Alpha Trading Hub

Indian shares rise; HUL top gainer on Nifty 50

Indian shares rose on Thursday as stocks across the board rallied, with Hindustan Unilever (HLL.NS) leading the pack on the Nifty 50 index after it reported a rise in March-quarter profit.

The NSE Nifty 50 index (.NSEI) was up 0.44% at 17,106.45, as of 0352 GMT, while the S&P BSE Sensex (.BSESN) rose 0.41% to 57,049.77.

Both the indexes fell sharply in the previous session as news of Russia cutting gas supplies to Eastern Europe, prospects of aggressive U.S. interest rate hikes, and worries over surging inflation and stringent virus curbs in China hurt risk appetite.

On Thursday, Asian stocks also eked out gains after upbeat U.S. tech earnings.

In India, Nifty’s FMCG index (.NIFTYFMCG) rose 0.8%, driven by a 2.5% jump in Hindustan Unilever after the firm’s quarterly profit rose and beat analysts’ estimate.

Shares of Reliance Industries (RELI.NS) rose 0.7% to hover near record highs after the conglomerate said an investment company set up by Rupert Murdoch’s son James and former Disney India executive Uday Shankar will invest $1.8 billion in Reliance’s broadcasting business Viacom18.

source By: reuters