MUMBAIIndia's benchmark stock index reached a record high Friday as foreign investors continued to pour money into the South Asian market, confident that the earnings of some of the country's biggest companies will continue to rise even as its economy struggles with a slowdown.
The Bombay Stock Exchange's benchmark S&P BSE Sensex rose as much as 0.6% to hit a record intraday high of 21293.88 points in the early trading, breaking the previous high set in January 2008. The 30-stock index pared some gains to end the day with only a 0.2% gain at 21196.81 points.
The Indian market's recent rapid rebound is a remarkable turnaround after the country's currency and other assets suffered selloffs between June and August. Back then, international funds were yanking their money out of emerging markets amid concern the U.S. Federal Reserve was about it end its easy-money policy which had boosted liquidity around the globe.
Indian stock market hits a record high - Nov. 1, 2013
The Bombay Stock Exchange's benchmark S&P BSE Sensex rose as much as 0.6% to hit a record intraday high of 21293.88 points in the early trading, breaking the previous high set in January 2008. The 30-stock index pared some gains to end the day with only a 0.2% gain at 21196.81 points.
The Indian market's recent rapid rebound is a remarkable turnaround after the country's currency and other assets suffered selloffs between June and August. Back then, international funds were yanking their money out of emerging markets amid concern the U.S. Federal Reserve was about it end its easy-money policy which had boosted liquidity around the globe.
Indian stock market hits a record high - Nov. 1, 2013
