Indian stock markets shed early gains on Friday, with the benchmark index Sensex trading with a loss of 40 points at around 10.38 a.m.In Picture: A man walks past the Bombay Stock Exchange (BSE) building in Mumbai December 5, 2013 (representational image).Reuters file

The BSE Sensex and Nifty rose around 1 percent to record highs on Friday, ahead of economic data due later in the day and the central bank's monetary policy on Tuesday.

The Nifty gained as much as 1.14 percent to hit a record high of 8,591.4, surpassing the 8,535.35 level reached on Tuesday.

The Sensex rose 1.15 percent to a life high of 2,8765.52. It hit a high of 28,541.96 on Monday.

India will release the July-September economic growth data later in the day, which probably slowed to 5.1 percent from a year ago, a Reuters poll showed.

The Reserve Bank of India is due to hold its quarterly policy review on Dec. 2.

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