Indian shares extend record gaining streak; ONGC climbs 4%

Among the top Sensex gainers were ONGC, Reliance Industries, Tata Consultancy Services, and Bajaj Auto

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India shares extended record gains to a fourth session on Monday, helped by sustained overseas inflows.

Risk appetite got a lift on news reports that the government is mulling 100 percent foreign direct investment in the banking sector.

At 0610 GMT, the S&P BSE Sensex added 0.27 percent at 35,608 while the broader NSE Nifty advanced 0.08 percent to 10,903.

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Among the top Sensex gainers, ONGC rose 3.8 percent, Reliance Industries gained 2.4 percent, Tata Consultancy Services added 1.7 percent while Bajaj Auto was up 1.6 percent.

Reliance Industries gained after the company on Friday reported a near 82 percent surge in its pre-tax profit for the quarter ended December.

Oil & Natural Gas rallied after saying it will buy the government's 51 percent stake in Hindustan Petroleum Corp for around Rs 36,000 crore.

Jaiprakash Associate climbed 6 percent after its net loss for the December quarter narrowed to Rs148 crore from Rs 1,095.02 crore a year ago.

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

Meanwhile, Asian shares declined after the U.S. government shut down extended to a third day amid a dispute between President Donald Trump and Democrats over immigration.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.2 percent while Japan's Nikkei was down 0.1 percent. U.S. S&P500 mini futures dipped 0.15 percent in early trade, Reuters data showed.

This article was first published on January 22, 2018