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Sector
Basic Materials
Size
Large Cap
Market Cap £11.80bn
Enterprise Value £16.37bn
Revenue £14.36bn
Position in Universe 44th / 3159

Indian shares near record highs on Reliance gains, firm Asian markets

Mon 6th September, 2021 6:48am
By Rama  Venkat
    BENGALURU, Sept 6 (Reuters) - Indian shares hovered near
record highs on Monday, as heavyweight Reliance Industries
scaled a peak and Asian markets jumped after a disappointing
U.S. jobs report raised hopes of continued economic support by
the Federal Reserve.
    The blue-chip NSE Nifty 50 index  .NSEI  was up 0.30% at
17,375.50 by 0509 GMT and the benchmark S&P BSE Sensex  .BSESN 
climbed 0.32% to 58,318.56. Both the indexes rose more than
3.50% in their second straight week of gains last week. 
    "The (Indian) equities at the moment have taken cues from
how the rest of Asian market has responded to the U.S. jobs data
which has not shown the strength required for taper or an
interest-rate hike; that is now positive for the Indian market,"
said Anand James, chief market strategist at Geojit Financial
Services.
    Oil-to-telecoms conglomerate Reliance Industries Ltd
 RELI.NS  was the top gainer, rising as much as 3.8% to a record
high. The stock is set to climb for a fourth straight session.
    The company said on Friday its unit invested 3.93 billion
rupees ($53.81 million) in Strand Life Sciences Pvt Ltd
 urn:newsml:reuters.com:*:nL4N2Q8109
    The Nifty Energy index  .NIFTYENR , which rose 4.97% last
week, was a top gainer among other sub-indexes, climbing 1.05%.
    Among other stocks, Mahindra and Mahindra Financial Services
 MMFS.NS  added as much as 5.5%. The company said on Friday it
saw a reduction in non-performing asset contracts during the
last month as customer cash flows improved. 
    In the broader Asian markets, shares edged higher as a weak
U.S. payrolls report promised to keep policy there loose for
longer, but also clouded the outlook for global growth and
inflation.  MKTS/GLOB 

($1 = 73.0320 Indian rupees)

 (Reporting by Rama Venkat in Bengaluru; editing by Uttaresh.V)
 ((ramavenkat.raman@thomsonreuters.com; https://twitter.com/ramavenkat0607;))
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