Indian shares rally for 5th session on overseas inflows; Automakers gain

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Indian stocks gained for a fifth session on Wednesday, boosted by persistent overseas inflows following the 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 0605 GMT, the S&P BSE Sensex edged up 0.05 percent at 33,855 while the broader NSE Nifty gained 0.09 percent to 10,472.

Among the top Sensex gainers, Hero MotoCorp rose 2 percent, ONGC gained 1.9 percent, Tata Motors advanced 1.4 percent while Maruti Suzuki was up 1 percent.

Religare Enterprises jumped 5 percent after Edelweiss said it will acquire Religare's securities operations.

Reliance Communications climbed 6 percent. A group of bondholders of RCom have hired advisers after the company defaulted on its dollar-denominated notes last month.

Maruti Suzuki India hits Rs10,000-share mark first time and became nation's sixth company to cross Rs3 trillion market capitalisation after its shares surged over 84 percent so far this year.

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

Asian shares fell, taking their cues from Wall Street with investor enthusiasm toward U.S. tax changes ebbing.

The U.S. House of Representatives voted to approve the tax bill Tuesday, but will have to vote again today because the current draft doesn't comply with Senate rules.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2 percent in early trading, while Japan's Nikkei stock index .N225 also edged down 0.2 percent.