India's Sensex scales 50,000; Reliance gains on nod for Future deal

Benchmark index scaling the 50,000 level for the first time, boosted by heavyweight Reliance Industries

  
A man stands in front of a screen displaying news of markets update inside the Bombay Stock Exchange (BSE) building in Mumbai, India, January, 3, 2020.

A man stands in front of a screen displaying news of markets update inside the Bombay Stock Exchange (BSE) building in Mumbai, India, January, 3, 2020.

REUTERS/Francis Mascarenhas

BENGALURU- Indian shares rose to a record high on Thursday, with the benchmark index scaling the 50,000 level for the first time, boosted by heavyweight Reliance Industries after the country's stock exchanges approved its deal with Future Group.

The blue-chip NSE Nifty 50 index rose 0.44% to 14,708 and the benchmark S&P BSE Sensex was up 0.45% at 50,014.55 by 0346 GMT.

Investor sentiment was also boosted with global equity benchmarks hitting record highs on Wednesday on expectations of further U.S. stimulus from newly inaugurated U.S. President Joe Biden's administration. 

Reliance shares rose 1.7% after Indian stock exchanges on Wednesday gave the go-ahead for Future Group's $3.4 billion deal to sell its retail assets, taking it a step closer towards closing a deal that has soured ties with its business partner Amazon.com Inc.

(Reporting by Nallur Sethuraman in Bengaluru; Editing by Krishna Chandra Eluri) ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))

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