Indian stock market hits new peak amid buying spree
Published on Sep 3, 2014 12:21 AM
MUMBAI (AFP) - Indian shares swept past the 27,000-point mark on Tuesday, a record high buoyed by investor hopes that the country will see stronger economic growth under new Prime Minister Narendra Modi.
The Bombay Stock Exchange's benchmark Sensex index of 30 leading shares ended the day up 0.57 per cent or 151.84 points at 27,019.39 points. The Sensex has been on the rise for eight straight trading sessions.
The market, which set a third record high in as many trading days, was boosted by strong inflows of foreign funds on investor optimism about economic recovery under right-wing Modi's leadership, analysts said.
"People abroad have faith in the potency and execution of the new government. They are sending the right signals," investment house Morgan Stanley managing director Ridham Desai told financial portal money control.com.
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