BENGALURU: Indian shares rose on Friday, joining a global rally that has been driven by strong retail earnings outlooks in the United States and waning concerns about overly aggressive rate hikes.

The NSE Nifty 50 index was up 0.69% at 16,281.10, as of 0349 GMT, while the S&P BSE Sensex rose 0.67% to 54,610.32. Gains were seen across the board, with all major Nifty sub-indexes trading in positive territory.

The Nifty metal index rose 1.65%, while the IT sub-index gained 1.62%. Aluminium and copper manufacturer Hindalco Industries rose 2.5% and was among the top three gainers on the Nifty 50 index after its March-quarter profit after tax doubled.

Indian shares snap three days of losses as banks, metal stocks rally

In broader Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan was up 1.5%, while the Nasdaq Composite rose 2.68% overnight.