BENGALURU, May 13 Reuters Indian shares rose on Friday as Asian markets firmed, heavyweight Reliance Industries rallied, and investors looked past a high domestic inflation reading, while automaker Tata Motors surged after reporting improved demand.

The NSE Nifty 50 index was up 1.03 at 15,970.45 as of 0508 GMT, with all major subindexes trading higher, while the SP BSE Sensex rose 0.93 to 53,421.08.

The benchmark indexes, which declined more than 2 each in the previous session, are set to snap their fiveday losing streak if Friday39;s gains hold. Still, they39;re on track to post their longest weekly losing streak since 2020.

In global markets, Asian shares rose and the dollar remained at 20year highs.

With many days of selling in the domestic and global markets, and after two key inflation data from India and U.S. already discounted, we39;re seeing some kind of a relief rally, said Narendra Solanki, head of equity research at Anand Rathi Investment Services.

India39;s annual retail inflation rose by a morethanexpected 7.79 in April, staying above the Reserve Bank of India39;s tolerance band of 6 for a fourth straight month. 

The market will take further cues based on the quantum or steepness of the rate hikes by the central banks, Solanki said.

Conglomerate Reliance Industries, India39;s most valuable company, jumped 2.4, and was set to snap a nineday losing streak.

Bajaj Finance, Bajaj Finserv were among the top Nifty 50 gainers, advancing over 1 each.

The…