BSE Sensex hits 3 month high amid Karnataka poll results, HDFC shares up

BSE Sensex gains 0.42 percent, while the broader NSE index is 0.34 percent higher, after hitting new three-month highs earlier in the day, on buoyant foreign inflows and higher Asian shares.

* Foreign portfolio investors have so far bought Indian stocks worth $12.34 billion in 2013.

* Asian shares rose on Wednesday on another record high for U.S. stocks and unexpectedly strong German industrial orders.

* Housing Development Finance Corp Ltd gains 2 percent ahead of its March-quarter earnings later in the day.

* IT stocks such as Infosys Ltd up 0.6 percent, heading for a seventh session of gains on value buying, after 22.6 percent slump in April on weak results and guidance.

* Among other IT stocks, Tata Consultancy Services Ltd also up 0.4 percent, while Wipro Ltd gains 0.2 percent.

* Traders say Indian top court's decision on coal allocation scam and results of polls in Karnataka to dictate market trends in the near term.

Earlier, BSE Sensex extended gains for the third-straight day by adding nearly 82 points in early trade today on continued foreign funds inflow amid a firming trend in the global markets.

The 30-share barometer rose by 81.83 points, or 0.41 per cent, to 19,970.78 with stocks of realty, metal and IT sectors leading the gains. The index had gained over 313 points in the previous two sessions.

Similarly, the wide-based National Stock Exchange index, Nifty moved up by 21.55 points, or 0.36 per cent, to 6,065.10.

Brokers said sentiments on the domestic bourses continues to be buoyed by sustained buying by foreign funds and retail investors, driven by a firming trend in the Asian region after US markets surged to new record high in yesterday's trade.

Meanwhile in Asia, Hong Kong's Hang Seng index rose by 0.72 per cent, while Japan's Nikkei up by 1.35 per cent in the early trade. The US Dow Jones Industrial Average gained 0.58 per cent to close above 15,000 for the first time in yesterday's trade as investor optimism about the US economy.

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