* Both NSE, BSE indexes up 0.7 pct
* State election results due on March 11
* Reliance Industries shares near 9-yr high
By Darshana Sankararaman
March 6 Indian shares rose on Monday, with the
NSE index moving close to breaching a key psychological level of
9,000, on hopes the ruling Bharatiya Janata Party (BJP) would
win the ongoing elections in the northern state of Uttar
The elections are the world's largest this year and will
have a key influence on Prime Minister Narendra Modi's chances
of clinching a second term in 2019. Election results are due out
Sentiment was also boosted as the country moved a step
closer towards launching a long-awaited new national sales tax
from July after a panel of federal and state finance officials
finalised two key bills to be put before parliament.
"The expectation is that the BJP government will come into
power in U.P. (Uttar Pradesh), and that is possibly driving the
market a little more confident than before," said Deven Choksey,
managing director at KR Choksey Shares and Securities.
The broader NSE index was up 0.69 percent at
8,959.05 by 0550 GMT, while the benchmark BSE index was
0.74 percent higher at 29,045.39.
Reliance Industries Ltd was the top gainer, rising
4 percent to its highest since May 2008. Shares in the energy
conglomerate have risen 15 percent since telecom unit Jio said
it would start charging for its services in April.
Financial stocks accounted for nearly half of the gains on
the NSE index, with State Bank of India and Axis Bank
Ltd leading the rise. Shares of SBI and Axis Bank rose
up to 1.5 percent each.
Coal India Ltd climbed as much as 2 percent after
unit Central Coalfields approved share buyback of up to 10.02
billion rupees ($150.12 million), according to an exchange
filing on Saturday.
IT stocks were among the top losers, with Tata Consultancy
Services Ltd and Infosys Ltd falling over 1
percent each, amid lack of clarity over processing of H1B visas
in the United States.
($1 = 66.7475 Indian rupees)
(Reporting By Darshana Sankararaman in Bengaluru; Editing by