Indian shares end higher as beaten down Reliance jumps
Photo Credit: Reuters

Indian shares ended higher on Thursday, as investors bought beaten down Reliance Industries and Hindustan Unilever, while strong earnings drove up Hindalco.

India's main stock indexes have gained some 11% in February, thanks to stronger-than-expected corporate earnings and a high-spending federal budget, taking benchmarks to multiple all-time highs.

The NSE Nifty 50 index closed 0.44% higher at 15,173.30, while the S&P BSE Sensex ended 0.43% higher at 51,531.52.

Oil-to-telecoms conglomerate Reliance was the top boost to the Nifty 50 with a 4.1% jump. It was the stock's best day in five months.

Up to Wednesday's close, Reliance was one of a handful of Nifty 50 stocks that were down year-to-date. The Nifty 50, on the other hand, has advanced almost 9% this year.

Consumer products giant Hindustan Unilever was the next biggest boost to the Nifty with a 1.2% gain. The stock is still down 5.5% in 2021.

Hindalco Industries closed 5.7% higher after the aluminium and copper producer reported double-digit increases in quarterly profit and revenue, pushing the Nifty metals index up 1.02%.

Eicher Motors fell for the second straight session, shedding 2.9%, after December-quarter earnings on Wednesday.

Magma Fincorp jumped 10% after a firm backed by billionaire Adar Poonawalla said it would buy a majority stake in the shadow banking company. The stock had risen 45% in the previous three sessions and is now up 107% just in February.

Global shares, meanwhile, rose for a ninth consecutive day on Thursday as investors digested recent gains.

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