Sensex, Nifty Reach Fresh Record Highs In Early Trade

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Indian shares hit fresh record highs on Monday, although overall gains remained modest after last week's strong rally.

The benchmark BSE Sensex was up 147 points or 0.41 percent at 35,658 in early trade while the broader Nifty index was up 25 points or 0.26 percent at 10,923.

Reliance Industries' shares rallied 2.3 percent after the company reported a 25 percent rise in quarterly profit, beating analysts' estimates.

ONGC jumped 4.6 percent while HPCL lost 2.8 percent. ONGC is acquiring the government's entire 51.11 percent stake in HPCL.

Jaiprakash Associates soared 10 percent after its Q3 standalone net loss narrowed from last year.

Adani Ports and SEZ advanced 1.7 percent. The Andhra Pradesh government has chosen the company to develop the Bhavanapadu port project in Srikakulam district.

DCM Shriram climbed 3.5 percent on reporting a 56 percent jump in quarterly net profit.

Morepen Laboratories rose over 3 percent after its third-quarter profit more than doubled.

Future Retail added 1.6 percent after the company said it would acquire Travel News Services India in a Rs 100 crore deal.

Wipro dropped 1.4 percent after its quarterly profit fell due to the insolvency of one of its clients.

Asian Paints and Axis Bank fell around 1 percent ahead of their quarterly results due today.

Bharti Airtel declined 1 percent on news that it would transfer its 25 percent stake in DTH arm Bharti Telemedia to wholly-owned subsidiary Nettle Infrastructure Investments.