Sensex hits record highs but ends flat on profit booking

MUMBAI (Reuters) - The BSE Sensex and Nifty hit record highs on Monday as Prime Minister Narendra Modi's push to expand his cabinet raised further hopes for economic reforms, but gave up most of their gains towards the end of the session as investors booked profits.

The Sensex earlier rose as much as 0.57 percent to a record high of 28,027.96, its fifth all-time high in six sessions but provisionally ended up just 0.02 percent.

The broader Nifty gained as much as 0.55 percent to a record high of 8,383.05. It ended up 0.09 percent.

ITC surged 4.1 percent on hopes the new health minister may not pursue a much speculated tax increase.

(Reporting by Abhishek Vishnoi; Editing by Rafael Nam)