BENGALURU: Indian shares bucked wider Asia trends to hit record highs on Monday as investors focused on domestic affairs and expected stability from the incoming government, a day after Prime Minister Narendra Modi was sworn in for a rare third term.
The NSE Nifty 50 index gained 0.34% at 23,367.30 and the S&P BSE Sensex climbed 0.27% to 76,904.35, with both the indexes hitting record highs as of 09:22 a.m. IST.
Eleven of the 13 major sectors logged gains.
High weightage financials rose 0.7% while state-owned lenders rose 1.9%.
Auto stocks rose 0.8% after a dealers’ body said expected stability and improved market sentiment post election results, while information technology lost 0.8%.
The drop in shares of IT companies, which earn a significant share of their revenue from the US, comes after strong US monthly jobs data dampened expectations of early rate cut.
The Nifty added 3.4% last week and hit a record high on Friday, erasing Tuesday’s losses, after Prime Minister Narendra Modi’s alliance won the general elections by a surprisingly slim majority.