Indian shares gain as investors cheer state election results

india trader
Traders work at a brokerage 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.

At 0610 GMT, the S&P BSE Sensex advanced 0.33 percent at 33,711 while the broader NSE Nifty gained 0.32 percent to 10,422.

Among the top Sensex gainers, Hero MotoCorp rose 3 percent, Bajaj Auto gained 1.9 percent, Tata Motors advanced 1.8 percent while ICICI Bank was up 1.7 percent.

Kamat Hotels India Ljumped 5 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 3.7 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.