Indian shares extend gains as foreign funds keep pumping money

Indian shares extended gains on Thursday on the back of continued buying by foreign investors in local shares.

india trader
Reuters

Indian shares extended gains on Thursday on the back of continued buying by foreign investors in local shares.

Moves in Asian share markets were minor with Japanese markets closed for a holiday and the United States off for Thanksgiving.

MSCI's broadest index of Asia-Pacific shares outside Japan eked out a fresh 10-year peak with a rise of 0.15 percent, as did Hong Kong's main index.

At 0610 GMT, the S&P BSE Sensex rose 0.19 percent at 33,624 while the broader NSE Nifty edged up 0.22 percent to 10,365.

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

Among the top Sensex gainers, Infosys rose 2.1 percent, Sun Pharma advanced 1.3 percent, Bharti Airtel added 1.3 percent while Reliance Industries rose 0.8 percent.

The S&P BSE Information Technology Index gained 1.2 percent and was among the top sectoral gainers.

Biocon gained 1.2 percent after it launched KRABEVA, a biosimilar Bevacizumab for the treatment of patients with metastatic colorectal cancer and other cancers in India.

Aegis Logistics added 2.4 percent after brokerage UBS initiated 'buy' rating on the stock with a price target of Rs280 a share.

Kansai Nerolac Paints advanced 2.4 percent after CLSA initiated 'buy' rating on the stock with price target of Rs600 a share.

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

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