BENGALURU, July 4 Reuters Indian shares hit record highs for the fourth session in a row early on Tuesday, before paring nearly all those gains as investors booked profits.

The Nifty index was up 0.01 to 19,324.60 as of 10.17 a.m. IST, before erasing gains, while the SP BSE Sensex rose 0.06 to 65,243.94.

Eight of the 13 major sectoral indexes logged losses, with banks, fast moving consumer goods losing 0.3 each, reversing course after hitting alltime highs.

However, the heavyweight financials index held near its record high, helped by gains in Bajaj Finance.

The nonbanking finance company jumped as much as 8 after reporting 34 growth in new loans for the June quarter.

Strong buying in index heavyweights, growth in GST collections in June and reduction in monsoon deficiency are the key factors behind the momentum in markets, said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services.

Analysts, however, cautioned about profittaking.

There is no room for exuberance since the valuations do not allow an unabated rally, said VK Vijayakumar, chief investment strategist at Geojit Financial Services.

Among individual stocks, Hero MotoCorp rose more than 2 on the launch of a codeveloped Harley Davidson bike.

However, Eicher Motors, which makes the Royal Enfield bike, fell more than 4 due to fears that the new Harley X440 would eat into its market share.

Bharti Airtel lost nearly 3 after Reliance Jio, owned by Reliance Industries, announced the…