Friday, Oct 24, 2014

India’s NSE index rises to record high as banks extend rally

SE Sensex, NSE Nifty hit all time high on Asian cues. (Express archives) SE Sensex, NSE Nifty hit all time high on Asian cues. (Express archives)
Reuters | Mumbai | Posted: March 24, 2014 10:15 am | Updated: March 24, 2014 10:19 am

India’s NSE index rose as much as 1.2 per cent on Monday to a record high, surpassing its previous all-time high hit just last week, as lenders including ICICI Bank extended a recent rally on the back of strong foreign investor flows.

The NSE’s bank sub-index has surged around 14 per cent so far this month, outperforming the nearly 5 per cent gain in the NSE index.

Analysts have cited heavy buying by foreign investors into a sector that last year under-performed the broader index, while expectations the Reserve Bank of India would keep interest rates on hold at its policy review on April 1 are also aiding the gains.

The NSE index rose to an all time high of 6,575.80 points, and was up 1.2 per cent at 0418 GMT, surpassing its previous all-time high hit on March 18.

The benchmark BSE index was up 1.2 per cent, just a few points shy of making a new record high. ICICI Bank Ltd gained 2.8 per cent, while HDFC Bank Ltd rose 1.8 percent.

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