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Markets

Reliance lifts Indian shares after five sessions of falls

  • The Nifty private sector banks index, which had fallen in the last five sessions, rose as much as 0.8%, led by a 1.2% climb in ICICI Bank.
23 Feb 2021

BENGALURU: Indian shares rose on Tuesday after five straight sessions of falls, boosted by Reliance Industries after the company said it expected to receive approvals by the second quarter of the next fiscal year to hive off its oil-to-chemicals (O2C) business.

The NSE Nifty 50 index was up 0.53% at 14,752.45 by 0354 GMT, while the S&P BSE Sensex gained 0.45% to 49,967.47.

On the Nifty 50, Reliance Industries was the top boost, adding more than 2% after the conglomerate said late on Monday it expected to get approvals for O2C business spin-off by the second quarter and announced its aim to become "net carbon zero" by 2035.

The Nifty private sector banks index, which had fallen in the last five sessions, rose as much as 0.8%, led by a 1.2% climb in ICICI Bank.

Tata Motors jumped 3% after reports that the car maker expected to fare much better than the domestic auto industry.

Asian shares inched lower as rising US Treasury yields and inflation prospects dented investor mood.