Sensex, Nifty get boost as debt-free Reliance shares settles 6.35% higher

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Indian shares closed higher on Friday, boosted by a sharp rise in Reliance shares after the oil-to-telecoms conglomerate said it was net-debt free, helping investors briefly shift focus from rising coronavirus infections and border tensions with China.

The NSE Nifty 50 index closed up 1.51 percent at 10,244.40 and the benchmark S&P BSE Sensex ended 1.53 percent higher at 34,731.73. For the week, the Nifty finished 2.72 percent higher and the Sensex closed up 2.81 percent.

Shares of Reliance Industries Ltd settled 6.25 percent higher, a record high following the company's announcement of being net-debt free after raising over 1.69 trillion rupees ($22.15 billion) over the last few weeks through stake sales in its digital arm and a rights issue.

However, widespread concerns about India's economic growth remain, which is already languishing at multi-year lows and faces further challenges from rising Covid-19 cases at home and abroad.

On Friday, coronavirus infections in India spiked to over 380,500 and deaths were well past 12,500.

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