Indian shares hit record highs on reopening cheer, U.S. inflation data

People walk past the Bombay Stock Exchange (BSE) building in Mumbai, India, November 4, 2020. REUTERS/Francis Mascarenhas/File photo

Indian shares hit record highs on Friday, boosted by financials and energy stocks, as more states lifted pandemic restrictions and U.S. inflation data allayed investors’ worries.

The blue-chip NSE Nifty 50 index (.NSEI) rose 0.46% to 15,811.60 and the benchmark S&P BSE Sensex (.BSESN) added 0.45% to 52,539.38 by 0349 GMT. Both the indexes are set to post their fourth straight weekly gain.

The southern state of Karnataka announced on Thursday it would ease some COVID-19 restrictions in a phased manner.

Meanwhile, U.S. consumer price index data released on Thursday fitted in with Federal Reserve’s repeated assertion that higher inflation will be transitory, offering relief to global stock markets.

In Mumbai trading, Reliance Industries Ltd (RELI.NS) and HDFC Bank Ltd (HDBK.NS) gained 1.4% and 0.8%, respectively. Shares of Reliance have risen in five of the last eight trading sessions.

Investors now look to India’s industrial output data for April, which will be released later in the day.

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