Updates for markets close

By Bharath Rajeswaran

May 14 (Reuters) - Indian shares rose on Thursday, supported by steady earnings and signs of progress in U.S.-China trade relations, though sentiment remained fragile as elevated oil prices and foreign outflows drove the rupee to another record low.

The Nifty 50 .NSEI rose 1.18% to 23,689.60 while the BSE Sensex .BSESN added 1.06% to 75,398.72.

Other Asian and European markets also rose after China's President Xi Jinping said trade talks with Washington were making progress, at the summit with U.S. counterpart Donald Trump.

The two leaders also agreed that the Strait of Hormuz must remain open to ensure the free flow of energy, according to a White House readout.

"Markets have taken heart from steady earnings and what has appeared to be constructive U.S.-China talks, while also betting that Beijing's ties with Iran could help cool tensions in the Middle East," said Kranthi Bathini, director of equity strategy at WealthMills Securities.

The blue-chip indexes rose about 0.1% a day earlier, after shedding 4% over the previous four sessions, pressured by a falling rupee, higher oil prices and Prime Minister Narendra Modi's austerity call.

"Today's rise should be viewed in the perspective of the recent slide, with crude still the linchpin for India's economy and persistent foreign selling dragging the rupee to record lows," Bathini said.

Indian shares have seen an unprecedented $23.2 billion of foreign outflows so far this year.

Fifteen of the 16 major sectors rose and the broader mid-caps .NIFMDCP100 gained 1.1% while small-caps .NIFSMCP100 were little changed.

Index heavyweight HDFC Bank HDBK.NS rose 2.7% to snap a five-session losing streak.

Telecom operator Bharti Airtel BRTI.NS advanced 5.3% after reporting a rise in quarterly profit.

State-owned explorer Oil India OILI.NS rose 2.1% on higher quarterly profit.

Bucking the trend, IT stocks .NIFTYIT slipped 2%, taking their losses to 6.9% in four sessions on concerns about AI hit to earnings.