June 19, 2020 / 4:08 AM / 20 days ago

Indian stocks rise on boost from Reliance

BENGALURU, June 19 (Reuters) - Indian shares rose on Friday and were on course to finish the week higher, boosted by a jump in Reliance shares after the oil-to-telecoms conglomerate said it had become net-debt free.

The NSE Nifty 50 index rose 0.58% to 10,146.75 by 0349 GMT, while the benchmark S&P BSE Sensex was up 0.51% at 34,387.71.

Shares of Reliance Industries Ltd rose 0.85% in early trade to a record high after the company said it had become net debt free after raising over 1.69 trillion rupees ($22.15 billion) over the last few weeks through stake sales in its digital arm and a rights issue.

Meanwhile, broader Asian shares were choppy, with MSCI’s broadest index of Asia-Pacific shares outside Japan easing 0.06% as worries over spike in COVID-19 cases dampened expectations of a speedy economic recovery.

As of Thursday, COVID-19 cases in India had neared 367,000 and deaths were over 12,200. (Reporting by Chandini Monnappa in Bengaluru; Editing by Anil D’Silva)

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