Indian shares advance led by consumer stocks

In Asia, investor sentiment has also been supported by a raft of upbeat economic news out of China.

india trader
Reuters

Indian shares gained on Wednesday, led by consumer goods company Hindustan Unilever after better-than-expected quarterly earnings.

The S&P BSE Sensex rose 0.77 percent to 31,955 while the broader NSE Nifty advanced 0.74 percent to 9,899.

In Asia, investor sentiment has also been supported by a raft of upbeat economic news out of China. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.4 percent at its highest since April 2015.

Hindustan Unilever shares rose as much as 3.2 percent to a record high after it reported a 9 percent increase in June quarter net profit, beating expectations.

Other gainers included Bharti Airtel, ITC, Dr. Reddy's and Tata Consultancy Services, up between 2 percent to 3 percent.

Among the laggards, Reliance Capital declined 2 percent after a block deal.

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

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