June 5, 2020 / 4:04 AM / a month ago

Indian shares edge higher, led by Reliance, financials

BENGALURU, June 5 (Reuters) - Indian shares edged higher on Friday, helped by gains in financial stocks and a surge in conglomerate Reliance Industries after Abu Dhabi state fund Mubadala invested in its digital unit.

The NSE Nifty 50 bluechip index rose 0.74% to 10,100 as of 0347 GMT, while the S&P BSE Sensex was up 0.69% at 34,214.63. Both the indexes were on track for second straight weekly gains.

The Nifty 50 has risen 5.36% so far this week, after a similar rally last week.

Reliance Industries Ltd hit a record high on Friday at 1,618 rupees after it said Mubadala Investment Co will buy a 1.85% stake in its digital unit, Jio Platforms, for 90.93 billion rupees ($1.21 billion).

India’s top lender by assets, State Bank of India, rose 1.58% ahead of March quarter results later in the day, while the Nifty banking index rose 1.32%.

Meanwhile, MSCI’s broadest index of Asia-Pacific shares outside of Japan slipped 0.2%, ahead of Friday’s U.S. nonfarm payrolls data. (Reporting by Nallur Sethuraman in Bengaluru; Editing by Arun Koyyur)

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