Indian shares rally for 7th session on overseas inflows

Indian shares extended gains for a seventh session on Friday on the back of continued buying by foreign investors in local shares.

sensex
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 shares extended gains for a seventh session on Friday on the back of continued buying by foreign investors in local shares.

Asian stocks traded mix as Japanese equities declined after a holiday, while a sudden sell-off that sent Chinese equities plunging on Thursday fizzled.

MSCI's broadest index of Asia-Pacific shares outside Japan was almost flat, while the Shanghai Composite Index was down 0.6 percent.

The S&P BSE Sensex rose 0.27 percent at 33,679 while the broader NSE Nifty gained 0.4 percent to 10,389.

Overseas investors have invested $2.4 billion so far this month, which is the highest since March.

Among the top Sensex gainers, Infosys rose 1.8 percent, Mahindra & Mahindra advanced 0.9 percent, Bajaj Auto added 1 percent while Kotak Mahindra rose 1 percent.

The S&P BSE Information Technology Index gained 0.9 percent and was among the top sectoral gainers.

Vakrangee rose 0.6 percent after a block deal. Around 2.6 million shares or 0.5 percent stake of the company changed hands in a block deal, according to a Bloomberg report.

Cox and Kings added 3.6 percent after its arm Meininger signed an agreement with Peter Simmel to open hotel in Dresden, Germany.

But Star Paper Mills lost 5 percent after the company said its net profit fell 6.4 percent in the September-quarter.

Kesar Terminals & Infrastructure declined 4 percent after the company reported an 18 percent decline in its net profit.

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

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