May 27, 2019 / 5:20 AM / 5 months ago

Indian shares continue to ride Modi rally; utilities, financials lead

* NSE index rises 0.35%, BSE 0.42% higher

* Interglobe Aviation 1% higher ahead of results

* NTPC top gainer on NSE index

By Chandini Monnappa

May 27 (Reuters) - Indian shares inched higher on Monday, boosted by gains in utility and financial stocks, as cheer over Prime Minister Narendra Modi’s return for a second term in office continued to buoy investor sentiment.

Modi-led Bharatiya Janata Party (BJP) witnessed a landslide victory in the general election results on Thursday and markets have been jubilant over hopes that the prime minister would pursue business-friendly policies.

“We have a new government and we are seeing stock specific rally. There will be sectors which are likely to outperform and markets are now waiting for a new policy,” said AK Prabhakar, head of research at IDBI Capital in Mumbai.

The broader NSE index was up 0.35% at 11885.75 as of 0500 GMT, while the benchmark BSE index was trading 0.42% higher at 39601.55.

Shares of NTPC Ltd and Yes Bank Ltd were up over 4.5% each, while Power Grid Corporation India was trading nearly 2% higher.

Industrial conglomerate Larsen & Toubro, which started a hostile takeover bid for Bengaluru-based IT firm Mindtree Ltd in March, was among the top five gainers on the NSE index. The company on Friday increased its stake in Mindtree to over 28%.

Shares of Interglobe Aviation Ltd rose as much 1.9% to 1,653 rupees. Interglobe is scheduled to post quarterly results later in the day.

JSW Steel and Bharti Airtel were among the major losers, both inching nearly 2% lower. (Reporting by Chandini Monnappa in Bengaluru; Editing by Rashmi Aich)

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