India's Sensex surges over 280 points; Reliance Industries, TCS top gainers

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

india trader
Traders works at a brokerage in Mumbai, India. Reuters

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.

The S&P BSE Sensex jumped 0.81 percent at 35,798 while the broader NSE Nifty advanced 0.66 percent to 10,966.

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Among the top Sensex gainers, ONGC rose 3.3 percent, Reliance Industries gained 4.4 percent, Tata Consultancy Services added 4.7 percent while Axis Bank was up 4 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 government's 51 percent stake in Hindustan Petroleum Corp for around Rs36,000 crore.

But Wipro shares fell 2 percent after the software maker reported a 10 percent decline in its net profit in the quarter ended December 31.

Market breadth was in favor of the 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