Indian shares extend record gaining streak; HDFC climbs 4%

Trading is likely to be slightly volatile as July derivatives contracts expire.

india trader
Reuters

Indian shares hit another record-high on Thursday, in line with gains across Asian stocks following better-than-expected corporate earnings.

At 0615 GMT, the S&P BSE Sensex gained 0.86 percent to 32,662 after rising as high as 32,672 earlier in the session.

The broader NSE Nifty advanced 0.92 percent to 10,112 after breaking through the 10,000 mark for the first time on Tuesday.

Mortgage lender Housing Development Finance Corp and HDFC Bank gave the biggest boost to the broad gauge.

Trading, however, is likely to be slightly volatile as July derivatives contracts expire.

The corporate earnings season for the April-June period has started on an encouraging note, with most of the companies reporting upbeat earnings.

Indiabulls Real Estate rose 5.7 percent after it reported a 29 percent increase in consolidated net profit.

HCL Technologies and Yes Bank gained 1.8 percent and 4.4 percent, respectively after upbeat June-quarter profits.

ICICI Bank, ITC and Maruti Suzuki India rose between 0.5 percent and 1.2 percent ahead of their June quarter earnings due later today.

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.

In Asia, stocks hit 2007 high after the Federal Reserve signaled that inflation remains persistently below its target.

MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.9 percent to heights not seen since December 2007.

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