Indian shares hit record highs, set to post third straight monthly gain
Updates at 10:15 a.m. IST
By Bharath Rajeswaran
BENGALURU, Aug 30 (Reuters) -Indian shares hit a fresh peak on Friday, tracking gains in regional peers, after U.S. economic data eased growth concerns, while investors await domestic quarterly growth data.
The NSE Nifty 50 index .NSEI was up 0.27% at 25,218.85 as of 10:15 a.m. IST, while the S&P BSE Sensex .BSESN added 0.23% to 82,329.79, with both the benchmarks hitting all-time highs.
The Nifty has risen for the previous 11 consecutive sessions, marking its longest winning streak in about 17 years.
Both the benchmarks have gained about 1% in August and are on course to log gains for the third straight month, adding about 12% over the period.
"We expect the uptick in markets to continue further, helped by surplus liquidity and a positive medium-term growth outlook," said Siddhartha Khemka, head of research of wealth management at Motilal Oswal Financial Services.
Asian markets rose, with the MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS up 0.7%, on the back of robust U.S. economic data. MKTS/GLOB
Market participants now await U.S. core personal consumption expenditures data, the Federal Reserve'spreferred gauge of inflation, on Friday to confirm bets of the September rate cut. .N
All 13 major sectors logged gains. The broader, more domestically focussed small- .NIFSMCP100 and mid-caps .NIFMDCP100 rose about 0.4% each.
Two-wheeler makers Hero MotoCorp HROM.NS and TVS Motor TVSM.NS rose 2.4% and 1%, respectively, after several brokerages termed them key beneficiaries due to rural demand recovery and expected them to post volume growth in August.
SpiceJet SPJT.BO fell about 4.6% after India's aviation watchdog placed the budget airline under enhanced surveillance.
Sugar stocks - Balrampur Chini Mills BACH.NS, Shree Renuka SRES.NS, Bajaj Hindusthan BJHN.NS and Dwarikesh Sugar DWAR.NS - rose 6%-11% after the government said sugar mills could use cane juice or syrup to produce ethanol from November.
Investors now awaitIndia's April-June growth data, due after market hours. A Reuters poll showed growth likely slowed to 6.9% year-on-year in the quarter due to reduced government spending because of national elections.
Reporting by Bharath Rajeswaran in Bengaluru; Editing by Varun H K, Savio D'Souza and Sonia Cheema
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