Economic news

India Shares Up in Line with Asia; HUL Soars to 9-Week High

BENGALURU, April 28 (Reuters) - Indian shares rose on Thursday and stocks across the board rallied as risk appetite improved globally on the back of upbeat technology earnings in the U.S., while Hindustan Unilever rose to a nine-week high following quarterly results.

The NSE Nifty 50 index was up 0.44% at 17,112.60, as of 0454 GMT, while the S&P BSE Sensex rose 0.43% to 57,061.24.

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 pandemic-related curbs in China hurt risk appetite.

On Thursday, MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5% and Nasdaq 100 futures NQc1 were up 1% as investors took comfort in technology earnings.

In India, Nifty's FMCG sub-index rose 1.3%, driven by a 4.3% jump in Hindustan Unilever after the firm's quarterly profit rose and beat analysts' estimates.

However, Godrej Consumer Product fell 3.4% and kept a lid on gains on the sub-index.

Indonesia widened the scope of its export ban to include crude and refined palm oil on Wednesday. India is a major buyer of palm oil and analysts have said listed players such as Godrej face earnings risks on demand and margins due to the ban. 

Shares of Reliance Industries extended gains for a third session and rose 1.5% to hover near record highs.

Late on Wednesday, 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.

Meanwhile, Bajaj Auto fell 2% and was the top loser on the Nifty 50 index after March-quarter results.

Reporting by Chandini Monnappa in Bengaluru; Editing by Uttaresh.V and Shounak Dasgupta

Source: Reuters

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