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India stock market hits new high
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.
"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.
Indian shares have risen more than 25% throughout 2007.
Analysts believe the gains are likely to continue as foreign money
continues to pour into the fast-growing economy.
On 26 September, the Sensex crossed the 17,000 mark for the first
time, although it fell back later in the day.
It was the fastest ever 1,000-point gain for the Sensex, 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 almost $10bn 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.
Story from BBC NEWS:
http://news.bbc.co.uk/go/pr/fr/-/1/hi/world/south_asia/7035443.stm
Published: 2007/10/09 10:51:26 GMT
(c) BBC MMVII
--
DEV BOREM KORUM.
Gabe Menezes.
London, England
