August 8, 2018 / 7:08 AM / 7 months ago

Indian shares hit record high, banks top gainers

* NSE index up 0.4 pct, BSE index 0.5 pct higher

* Nifty Bank Index breaches 28,000 level

* Reliance Industries rises to record high

By Abinaya Vijayaraghavan

Aug 8 (Reuters) - Indian shares rose to a record on Wednesday, driven by market heavyweight Reliance Industries Ltd and lenders such as HDFC Bank Ltd and Kotak Mahindra Bank Ltd, while strong Asian markets also helped boost investor sentiment.

The Nifty Bank Index breached the 28,000 level for the first time, rising as much as 0.9 percent to a record 28,119.10.

“Markets are ignoring the developments shaping the U.S.-China conflict, because in the results seasons in the large-cap category, there are more hits than misses and they are actually supporting the markets,” said Saurabh Jain, assistant vice president of research, SMC Global Securities.

Also, supporting domestic stocks were extended gains in Asian peers on the back of strong U.S. earnings and expectations that Beijing will ramp up fiscal stimulus to cushion the impact of its worsening trade dispute with Washington.

The broader NSE index was up 0.4 percent at 11,439.85 as of 0706 GMT, while the benchmark BSE index was 0.5 percent higher at 37,853.45.

Reliance Industries rose as much as 1.8 percent to a record and was the top contributor to the NSE Index’s gain.

HDFC Bank rose about 1 percent, Kotak Mahindra Bank gained 1.1 percent and State Bank of India climbed 1.5 percent.

Among other gainers, Larsen & Toubro Ltd added 1 percent, while Hindustan Unilever Ltd rose 1.1 percent.

Among losers, Bombay Dyeing and Mfg Co Ltd fell as much as 5 percent to its lowest since July 30 after the company reported a wider loss for the June quarter. (Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Subhranshu Sahu)

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