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India stock market hits new high | India stock market hits new high |
(1 day later) | |
India's main stock index, the Sensex, has gone past the 18,000 mark to reach a new intraday high, the second such record in less than a fortnight. | India's main stock index, the Sensex, has gone past the 18,000 mark to reach a new intraday high, the second such record in less than a fortnight. |
The index closed at 18,327.42, up 788.85 points on the day, the largest-ever daily points gain. | |
Indian shares have risen more than 32% this year on the back of record inflows of overseas funds. | |
Analysts believe the gains are likely to continue as foreign money continues to pour into the fast-growing economy. | Analysts believe the gains are likely to continue as foreign money continues to pour into the fast-growing economy. |
"We were always confident of gains for the markets... What has astonished us is the steepness of this climb," one analyst told AFP news agency. | |
The Sensex crossed the 17,000 mark for the first time last month. | |
It was the fastest ever 1,000-point gain for the index, achieved in just six trading sessions. The index had taken 51 trading sessions to get from 15,000 to 16,000. | |
Foreign funds have invested about $15bn in Indian stocks this year, and inflows rose again after the US Federal Reserve cut interest rates in September. | |
Domestic demand has also remained steady. | Domestic demand has also remained steady. |
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