Indian shares extend record gains on overseas inflows; Tata Teleservices jumps 5%

Trading was a bit cautious ahead IIP data for November and CPI for December later in the day

india trader
A broker monitors a screen displaying live stock quotes on the floor of a trading firm in Mumbai. Reuters

India shares extended record gains on Friday, with the broader NSE Nifty hitting an all-time high of 10,690 on the back of sustained overseas inflows.

Asian shares edged higher, helped in part by U.S. earnings optimism and a rally in global crude prices, which rose to three-year highs.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5 percent, following two straight sessions of decline. Japan's Nikkei dipped 0.1 percent, Reuters data showed.

The S&P BSE Sensex added 0.26 percent at 34,592 while the broader NSE Nifty gained 0.28 percent to 10,681.

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Trading was a bit cautious ahead of the Index of Industrial Production (IIP) data for November and Consumer Price Inflation (CPI) for December later in the day.

Among the top Sensex gainers, Maruti Suzuki rose 1.2 percent, Reliance Industries added 0.8 percent, ICICI Bank gained 2.5 percent while HDFC was up 0.6 percent.

Tata Teleservices Maharashtra climbed 5 percent on reports that Tatas repaid Rs17,000 crore of Tata Teleservices debt.

Dredging Corp advanced 0.4 percent after the company said it got an order worth Rs88.50 crore for dredging of channels and basins at Cochin port.

But Tata Consultancy Services lost about 1 percent after the company reported weaker-than-expected earnings in its banking, financial services and insurance segment.

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

This article was first published on January 12, 2018