Indian shares extend gaining streak to day six

Asian stocks rose amid optimism on global growth while political uncertainty caused turbulence for the Turkish and British currencies.

sensex
Brokers trade at their computer terminals at a stock brokerage firm in Mumbai, India. (SOURCE:REUTERS) Reuters

Indian shares rose for a sixth straight session on Monday, tracking gains in Asian equities amidst global growth optimism.

Asian stocks rose amid optimism on global growth while political uncertainty caused turbulence for the Turkish and British currencies.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1 percent, having rebounded by 1.7 percent last week.

Friday's U.S. jobs report showed a spike in hourly wages that bolstered the odds for tighter monetary policy, pushing the chances of a December hike to nearly 80 percent.

At 0610 GMT, the S&P BSE Sensex gained 0.12 percent at 31,852 while the broader NSE Nifty gained 0.1 percent to 9,988.

Among the top Sensex gainers: Dr. Reddy's rose 2 percent, Tata Motors added 0.7 percent, Hindustan Unilever gained 0.8 percent while Coal India advanced 1.3 percent.

Laggards were Oriental Bank of Commerce, which lost 3 percent after the central bank initiated a "prompt corrective action" against the state-owned lender for high bad loans.

Shares of Adani Enterprises dropped 3.4 percent as several protests were held across Australia against the company's proposed $16.5 billion Carmichael coal mine project, which has been delayed for years over environmental and financing issues.

Va Tech Wabag declined 4 percent after the company said it has filed an appeal with the National Company Law Appellate Tribunal (NCLT) against the order passed by NCLT for initiation of corporate insolvency resolution process.

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

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