Indian shares rise for eighth session on earnings, pharma boost

BENGALURU, Nov 11 (Reuters) - Indian shares rose for an eighth straight session on Wednesday, hitting record highs, driven by a handful of strong earnings reports and gains in pharmaceutical stocks.

The NSE Nifty 50 index rose 0.79% to 12,729.3 by 0354 GMT and the S&P BSE Sensex gained 0.72% to 43,591.36.

Natural gas explorer GAIL (India) rose 4.5% after it reported a higher September-quarter profit on Tuesday.

Automaker Mahindra and Mahindra gained nearly 3% each after it posted a higher quarterly revenue and said it expected strong demand for vehicles until the end of the year.

Both the stocks were among the top gainers on the Nifty.

Drugmaker Cipla Ltd rose 1.3%, helping the Nifty pharma index gain 0.9%. Divi’s Labs rose 1.1%. (Reporting by Derek Francis in Bengaluru; editing by Uttaresh.V)