IT, ICICI Bank lead Indian shares higher; HDFC Bank caps gains
** India's NSE Nifty 50 .NSEI and S&P BSE Sensex .BSESN up about 0.3% in afternoon trade, led by information technology stocks and ICICI Bank ICBK.NS
** U.S.-rate sensitive IT stocks .NIFTYIT rise 1.5% after soft labour data boosted hopes of a rate cut in September; ICICI Bank climbs 2% on block deals
** The benchmarks had risen about 0.6% each to record highs for the third straight session
** However, the gains were capped by a 2.2% decline in HDFC Bank HDBK.NS, the highest-weighed stock on the indexes
** HDBK had gained 5% in past 3 sessions on hopes of bigger weight in MSCI index
** "The rally to newer peaks is supported by strong macroeconomic, earnings outlook and hopes of early U.S. rate cuts," says Anil Rego, founder and fund manger at Right Horizons
** Steady corporate earnings, starting next week, will be crucial to sustain the momentum, Rego adds
** Drugmaker Lupin LUPN.NS climbs about 5% after Kotak Institutional Equities double-upgrades the stock to "add" from "sell", citing a robust earnings outlook
Reporting by Bharath Rajeswaran in Bengaluru
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