sensex
A man looks at a screen across a road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai, India. REUTERS

Indian shares advanced to a fresh record high on Monday following gains in Asian equities as upbeat earnings from U.S. hi-tech giants boosted risk appetite.

Stocks in Asia climbed as investors continued to digest earnings.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.2 percent. The index is up 3.4 percent so far this month.

Investors are now focused on the impending appointment of the Federal Reserve chair, with speculation rife that Fed governor Jerome Powell is the favoured suitor.

The S&P BSE Sensex rose 0.33 percent at 33,266 while the broader NSE Nifty advanced 0.39 percent to 10,363.

Aviation stocks gained. Jet Airways India jumped 10 percent and InterGlobe Aviation added 2 percent.

The S&P BSE Bankex Index rose 0.4 percent on hopes that the government's capital infusion will help banks clean up their balance sheets.

Lenders including Punjab National Bank, Yes Bank, HDFC Bank and Federal Baroda gained between 1 percent to 4 percent in Mumbai trading.

Shares of Oil and Natural Gas Corp rose as much as four percent to their highest since May 4 after the company posted a higher-than-expected rise in second-quarter profit on Saturday.

Maruti Suzuki India added 1 percent after its profit rose 3.4 percent in the quarter ended September 30.

Shriram City Union Finance rose 1.4 percent on reports that IDFC Ltd and Shriram Group are unlikely to extend the exclusive negotiation period for their proposed merger, which is ending on November 8.

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.