Indian shares extend rally, Sensex hits record peak

  • Reuters
  • Stock Market News
Indian shares extend rally, Sensex hits record peak
Credit: © Reuters.

* Both NSE and BSE indexes up 0.5%

* Nifty Metals index hits highest in over three months

By Chandini Monnappa

Nov 4 (Reuters) - Indian shares jumped on Monday, extending gains to a seventh straight session, boosted by the government's plan to offer more capital to finance the country's infrastructure needs and reports of further tax reforms.

The NSE Nifty 50 Index .NSEI was up 0.56% at 11,957.80, as of 0415 GMT, while the S&P BSE Sensex index .BSESN was up 0.52% at a record high of 40,375.59.

Modi said India is committed to improving its tax regime, according to media reports on Sunday.

Meanwhile, in a joint statement on the India-U.S. Economic and Financial Partnership, both countries said they are working to draw more private sector capital to boost the Asian nation's infrastructure.

Sentiment was also supported by increasing optimism over a U.S.-China trade deal, which drove broader Asian peers to more than 14-week highs, with Asia-Pacific shares outside Japan .MIAPJ0000PUS rising 1%.

Shares of Vedanta Ltd VDAN.NS were among the top two gainers on the local indexes, climbing as much as 4.15% in its sharpest intraday gain in more than five weeks.

This pushed the Nifty Metals index .NIFTYMET nearly 3% up to its highest in over three months.

The Nifty PSU Bank index .NIFTYPSU , which tracks the country's state-run lenders, rose as much as 1.32%, on track for its seventh straight session of gains, with shares of Central Bank of India CBI.NS rising over 4%.

The Nifty IT index .NIFTYIT inched higher, with shares of software services firm Tata Consultancy Services Ltd TCS.NS adding 1.29%.

Shares of telecom operator Vodafone (LON: VOD ) Idea Ltd VODA.NS rose as much as 10.47%.

Shares of Housing Development Finance Corporation HDFC.NS rose as much as 0.82%, while Bharat Electronics BAJE.NS rose as much as 0.7%. Both companies are due to post quarterly results later in the day.

Meanwhile, private lender Yes Bank YESB.NS climbed 3% after reversing early losses of up to 15%.. The lender posted a bigger-than-expected quarterly loss on Friday, as asset quality worsened and provisions swelled.

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