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Indian shares gain on Reliance boost, set for best week since June

BENGALURU, Nov 6 (Reuters) - Indian stocks rose on Friday, boosted by shares of the country’s most valuable company Reliance Industries after it secured more funding for its retail business, with the indexes being on track for their best weekly performance in five months.

By 0512 GMT, the NSE Nifty 50 index and the S&P BSE Sensex were up 0.6% each at 12,189 and 41,595.7, respectively. The indexes have gained for five straight sessions and were set to post their best weekly gain since early-June.

Reliance secured a $1.3-billion investment in its retail business from Saudi Arabia’s wealth fund on Thursday, sending its shares 2.3% higher on Friday.

The oil-to-telecoms conglomerate’s retail unit, Reliance Retail Ventures Ltd, has secured more than $3 billion in funding from various investors.

The latest investment also comes as Amazon.com Inc last month won an injunction to halt Future’s deal with Reliance from a Singapore arbitrator that both sides had agreed to use in case of disputes.

“With this investment, a lot of worries pertaining to the Future deal will wane since there is confidence that Reliance can secure investments despite issues with the Future deal” said Saurabh Jain, assistant vice president at SMC Global Securities.

Shares of Reliance dropped for two sessions this week, following last week’s earnings announcement, but later recovered to gain for three consecutive sessions. Among other gainers, the Nifty state-owned banking index climbed about 1% and the autos index rose 0.8%.

Steelmaker JSW Steel was the top loser, falling about 1%.

Meanwhile, broader Asian shares were near three-year highs as Democrat Joe Biden was expected to beat President Donald Trump in the U.S. election, while the Republicans were seen to retain control of the Senate.

MSCI’s broadest gauge of Asian Pacific shares outside Japan rose 0.3%. (Reporting by Derek Francis in Bengaluru; editing by Uttaresh.V)

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