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Sensex, Nifty Scale Fresh Record Highs

Indian shares hit fresh record highs on Friday, although overall gains remained modest ahead of Infosys Q3 earnings and readings on consumer inflation and industrial output due later in the day.

Stocks suffered some losses in the afternoon after four Supreme Court judges raised concerns over administration of the top court.

The benchmark BSE Sensex ended the session up 88.90 points or 0.26 percent at 34,592.39 while the broader Nifty index closed at 10,681.25, up 30.05 points or 0.28 percent from its previous close.

Maruti Suzuki India, Vedanta, Infratel, ICICI Bank and Zee Entertainment Enterprises climbed 1-3 percent in the Nifty pack, while Ambuja Cement, Bosch, Bharti Airtel, UPL and Lupin all fell over 1 percent.

IVRCL jumped 5 percent after SBI started insolvency proceedings against the company.

KEI Industries jumped 9.2 percent as brokerage firm Motilal Oswal initiated coverage on the stock.

Dish TV India slumped 6.8 percent on concerns over delay in its planned merger with Videocon d2h.

TCS shed 0.7 percent after posting muted growth in quarterly profit, while rival Infosys edged up 0.3 percent ahead of its quarterly earnings unveiled aftermarket hours.

Globally, Asian stocks closed mostly higher after oil prices rallied overnight and China dismissed media reports that officials have recommended slowing or halting purchases of U.S. debt. Optimism about the earnings season also offered some support.

European stocks were little changed in early trade as the euro continued its ascent against the dollar to hit a three-year high amid signs that the European Central Bank may wind down its 2.55 trillion euro ($3.07 trillion) bond purchase scheme this year.

German politicians reached a breakthrough in talks aimed at forming a new coalition government, helping support underlying sentiment to some extent.

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