December 17, 2019 / 4:28 AM / 2 months ago

Indian shares rise on trade deal optimism, Reliance bounce

* Both NSE index and BSE index advance

* Reliance Industires rises after BP deal

By Chandini Monnappa

Dec 17 (Reuters) - Indian shares firmed on Tuesday, boosted by heavyweight Reliance Industries Ltd after it signed a deal to form a joint venture with BP Plc and improving ties between the United States and China.

The NSE Nifty 50 Index was up 0.58% at 12,123.30, as of 0420 GMT, while the S&P BSE Sensex index rose 0.63% to 41,197.14.

Shares of Reliance Industries, India’s most valuable company, rose almost 1% after the company agreed to a deal with British oil major BP to form a fuels and mobility joint venture.

Risk sentiment was also supported by the “phase one” Sino-U.S. trade deal and Wall Street’s run to all-time highs, with MSCI’s broadest index of Asia-Pacific shares outside Japan climbing 0.6% to its highest since July 2018. “We underperformed yesterday, today’s gains reflect moves seen across global stocks,” a Mumbai-based analyst said.

“I think we can expect the Nifty to scale fresh highs shortly.”

In domestic markets, the Nifty IT index inched up 1.4%. Shares of software services provider Infosys Ltd rose nearly 2%.

The Nifty PSU Bank index, which tracks the country’s state-run lenders, firmed 1%, with State Bank of India gaining 1.58%.

Shares of private sector lender Yes Bank Ltd were on track for their fourth straight session of gains, rising over 2%.

Shares of Tata Motors Ltd advanced as much as 1.17% after media reports said the carmaker was in talks with Chinese firms regarding an alliance. That helped the Nifty Auto index gain 0.8%.

Telecom stocks were among the top losers, with Vodafone Idea Ltd slipping over 3% and Bharti Airtel Ltd falling 0.39%

Reporting by Chandini Monnappa in Bengaluru; Editing by Aditya Soni

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