Indian shares rise, Titan surges nearly 10% on strong recovery

A general view of the Bombay Stock Exchange (BSE), after Sensex surpassed the 60,000 level for the first time, in Mumbai, India, September 24, 2021. REUTERS/Francis Mascarenhas

BENGALURU (Reuters) – Indian shares surged early on Thursday, driven by a near 10% gain in Titan Company after it indicated a strong recovery in demand in the second quarter, while Reliance Industries rose after its retail arm said it would launch 7-Eleven stores in India.

The NSE Nifty 50 index rose 0.97% to 17,818.40, while the S&P BSE Sensex was up 0.99% at 59,767.25 by 0415 GMT.

Other Asian markets rallied on Thursday reflecting overnight gains on Wall Street after U.S. politicians appeared close to a temporary deal to avert a debt default, while Russia reassured Europe on gas supplies and oil prices pulled back from multi-year highs, helping calm volatile global markets. [MKTS/GLOB]

In India, jewellery maker Titan Company surged 9.6% after it said sales was moving swiftly above or close to pre-pandemic levels in most of its divisions.

Shares in oil-to-telecoms conglomerate Reliance rose 1.22% after its retail arm entered a franchise agreement with U.S. convenience store chain 7-Eleven Inc to launch stores in India.

Nifty’s realty index advanced the most among major sub-indexes, rising 2.5%, led by a 9% jump in real estate developer Sobha Ltd after it clocked here its best ever quarterly sales volume.

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