Indian shares settle higher on boost from Reliance, IT stocks

A man speaks on his mobile phone past a new brand identity for Nifty Indices inside the National Stock Exchange (NSE) building in Mumbai, India, May 28, 2019. REUTERS/Francis Mascarenhas

BENGALURU, June 2 (Reuters) - Indian shares ended higher on Thursday on the back of gains in Reliance Industries and technology stocks, with investor sentiment getting a boost from a pullback in crude oil prices.

After struggling for direction for most of the session, the NSE Nifty 50 index (.NSEI) settled up 0.64% at 16,628 and the S&P BSE Sensex (.BSESN) closed 0.79% higher at 55,818.11.

Global peers were steady, with MSCI's benchmark for global stocks (.MIWD00000PUS) trading down 0.05% as bets that Saudi Arabia may boost crude production helped balance concerns over surging inflation and monetary policy tightening.

Reliance Industries (RELI.NS) - India's most valuable company - led gains in Mumbai trading to add 3.5%. The conglomerate said on Wednesday that Reliance Brands and Italy's Plastic Legno SPA have formed a venture to buy a 40% stake in Plastic Legno SPA's toy manufacturing business in India.

The rally in Reliance helped Nifty's Energy sub-index (.NIFTYENR) settle 2% higher.

IT stocks (.NIFTYIT) advanced 1.8% after two consecutive sessions of losses.

Sun Pharmaceutical Industries (SUN.NS) broke a losing streak that began after its quarterly results on May 30 to end 2.4% higher and was among the top three gainers on the Nifty 50 index.

Financial services firm Religare Enterprises (RELG.NS) surged 11.5% after it said lenders of its debt-ridden unit, Religare Finvest, had in-principle agreed to consider a one-time settlement offer.

Bucking the trend, automaker Hero MotoCorp (HROM.NS) lost 3.4% after delaying the launch of its first electric vehicle.

This pushed the Nifty auto sub-index (.NIFTYAUTO)down by 0.6%.

Reporting by Chandini Monnappa in Bengaluru; Editing by Shailesh Kuber and Aditya Soni

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