BENGALURU (Reuters) – Indian shares rose on Wednesday as Reliance Industries gained after securing a $750 million investment in its retail arm and Titan Company rose after flagging a strong recovery at its jewellery division in the second quarter.
The NSE Nifty 50 index .NSEI rose 0.53% to 11,724.35 as of 0436 GMT, while the S&P BSE Sensex .BSESN was up 0.68% to 39,837.65.
Shares of Reliance Industries RELI.NS rose as much as 4.5% to 2,309 rupees after it said on Tuesday Abu Dhabi Investment Authority would invest 55.13 billion Indian rupees in its retail arm.
Titan Company TITN.NS said its jewellery division saw a quarterly recovery rate of 98% while it continued to sell excess gold in its inventory, sending its shares up to their highest in seven months and making it the top gainer on the Nifty 50.
“Markets have been gaining on the back of quarterly commentary coming from companies and then a big support to the market has been Reliance,” said Siddhartha Khemka, head of retail research at Motilal Oswal.
Meanwhile, the Trump administration announced a rule that may curb U.S. companies’ use of skilled foreign workers by narrowing the definition of “specialty occupations” eligible for H-1B visas and require companies to pay higher wages to those enrolled in the visa program.
The Nifty IT index was trading 0.14% lower, with Infosys INFY.NS down 0.8% and Wipro WIPR.NS 0.6%.
Shares of Tata Consultancy Services TCS.NS, however, rose as much as 1.8% to a record high ahead of its quarterly results, with the top IT services exporter expected to lay out a highly-anticipated share buyback.
Shares of gas producers Oil and Natural Gas Corp ONGC.NS and Oil India OILI.NS rose 3.5% and 2.4%, respectively, after TV channel CNBC Awaaz reported the government may consider a proposal to end price controls over locally produced gas.
Reporting by Philip George in Bengaluru; Editing by Rashmi Aich and Arun Koyyur