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Indian Shares Follow Broader Asia Higher, Hindalco Jumps On Quarterly Results

The NSE Nifty 50 index was up 0.69 per cent at 16,281.10, while the S&P BSE Sensex rose 0.67 per cent to 54,610.32.

Photo Credit : Reuters

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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 per cent at 16,281.10, as of 0349 GMT, while the S&P BSE Sensex rose 0.67 per cent 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 per cent, while the IT sub-index gained 1.62 per cent.

Aluminium and copper manufacturer Hindalco Industries rose 2.5 per cent and was among the top three gainers on the Nifty 50 index after its March-quarter profit after tax doubled.

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

(Reuters)


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