Indian shares extend rally; Maruti Suzuki, Hero MotoCorp top gainers

A man looks at a screen across a road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai, India. REUTERS

Indian stocks gained on Tuesday after the election results showed victory of Prime Minister Narendra Modi's Bharatiya Janata Party in Gujarat and Himachal Pradesh state polls.

BJP has won 99 seats of the 182 assembly seats in Modi's home state Gujarat compared to 77 seats for Congress, according to the Election Commission data.

The S&P BSE Sensex advanced 0.7 percent at 33,836 while the broader NSE Nifty gained 0.72 percent to 10,463.

Among the top Sensex gainers, Hero MotoCorp rose 4.5 percent, Bajaj Auto gained 2.8 percent, Tata Motors advanced 3.6 percent while Maruti Suzuki was up 6 percent.

Kamat Hotels India jumped 3 percent after the Supreme Court ruled in favour of the hotelier as the prior user of the word "Orchid" in dispute with Orchid Hotels.

JM Financial advanced 2 percent after the company said its board approved raising Rs 650 crore via securities.

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

Asian shares advanced after a record-setting session on Wall Street, with sentiment boosted by expectations U.S. lawmakers will pass a long-awaited tax bill.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 percent.