Indian shares hit record high ahead of GDP data

Indian shares inched up on Friday, while the Indian rupee strengthened to a fresh three-month high ahead of key economic growth data later in the day.

Broader Asian markets wavered as investors remained cautious ahead of a crucial meeting between the Chinese and US presidents at the G20 meet during the weekend that could determine the course of a heated trade war over the next year, reports Reuters.

MSCI’s broadest index of Asia-Pacific shares outside Japan wobbled between positive and negative territory in early trade and was last up 0.4 per cent.

The Indian rupee gained up to 0.35 per cent on the day to 69.595 per dollar, its best since Aug 21.

The broader NSE index was up 0.25 per cent at 10,885.45 as of 0608 GMT, while the benchmark BSE index rose 0.27 per cent to 36,268.19.

The broader NSE index breached its 10,900 level for the first time since Oct. 3, while the BSE index also clocked its best level in almost two months.

Shares of Indian non-banking financial companies gained after the central bank relaxed rules to sell or securitise their loan books, in a bid to ease persistent stress in the sector.

Dewan Housing Finance Corp Ltd’s stock rose as much as 7.4 per cent, while those of Bajaj Finance Ltd gained up to 2.3 per cent, their highest since Sept. 19.

IT firms were among the top performers on the NSE index, with Infosys Ltd up as much as 1.7 per cent.

Meanwhile, shares in Tata Motors Ltd dropped as much as 3.9 per cent after its British unit Jaguar Land Rover said on Thursday it is going to cut 500 jobs temporarily at its plant in central England.