* BSE index up 0.6 pct to record high
* NSE hits second consecutive record high
* Investors cheered by solid earnings reports, global gains
* Rupee hits highest vs USD since Aug 2015
(Updates with quotes, details, background)
MUMBAI, April 26 India's benchmark stock indexes
rose to record highs on Wednesday, buoyed by solid
company earnings reports and global market gains, while the
rupee hit a 20-month against the dollar.
The BSE rose 0.6 percent to a high of 30,134.69
points, surpassing its last record in March 2015, while the
broader NSE index saw similar gains, hitting an all-time
high for the second straight session.
"There is optimism across the globe that is driving
markets," said Saurabh Jain, assistant vice-president of
research at SMC Global Securities.
"In the domestic market, it is the liquidity factor which is
making much of the story in the mid-cap and small-cap stocks."
Foreign investors have bought a net $16 billion in Indian
shares and debt so far this year and have been especially
aggressive in bond markets, where they are headed foro a third
consecutive month of net purchases in April.
At the same time, India has seen a surge in flows from
retail investors, many of whom are buying into mutual funds for
the first time. Domestic institutional investors bougth a net
73.6 billion rupees ($1.15 billion) in equities so far this
The rally has been fueled by strong quarterly results,
including IDFC Bank on Tuesday, and hopes for
continued foreign inflows as the domestic and global economies
The rupee has received a further boost as the central bank
has refrained from any meaningful intervention to curb its sharp
gains, as it often has in the past. The rupee has appreciated
more than 6 percent against the dollar so far this year.
The rupee strengthened to as much as 63.93 per dollar, its
highest since August 2015, compared to its close of 64.2650 on
Tuesday, although bonds fell with the benchmark 10-year bond
yield up 2 basis points to 6.95 percent,.
India's third-biggest software services exporter Wipro Ltd
rose as much as 3.68 percent after reporting
better-than-expected consolidated net profit on Tuesday,
although it disappointed investors with its guidance.
IDFC Bank Ltd gained up to 6.5 percent to hit its
highest in more than two months after posting a 7 percent
increase in March quarter profit on Tuesday.
($1 = 63.9650 Indian rupees)
(Reporting by Suvashree Dey Choudhur and Darshana Sankararaman;
Editing by Kim Coghill)