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.
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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.