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BENGALURU - Indian shares hit all-time highs on Thursday, boosted by banking stocks, while auto and telecom companies climbed a day after the federal government approved support packages for both the sectors.

The blue-chip NSE Nifty 50 index was up 0.3% at 17,568.2 by 0404 GMT, having hit a peak of 17,576.9. The benchmark S&P BSE Sensex rose 0.27% to 58,878.0, after touching a record high of 58,908.18.

Private banks rose 0.45%, with lender IndusInd Bank jumping 1.6% to be the top gainer on the Nifty 50 index.

The S&P BSE Telecom index advanced 2%. The federal cabinet approved on Wednesday a relief package for the cash-strapped sector.

Vodafone Idea soared over 9%, while larger peer Bharti Airtel was up 0.4%.

The government also approved a $3.5 billion incentive scheme for the automobile sector, pushing auto stocks 0.5% higher. Auto parts maker Bosch Ltd rose 1.5% to lead gains in the sector.

In Asia, shares were dragged lower by Chinese equities, a day after the country reported a set of underwhelming economic data.

(Reporting by Soumyajit Saha in Bengaluru; editing by Uttaresh.V)