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Last Updated: Tuesday, 9 October 2007, 10:51 GMT 11:51 UK
India stock market hits new high
Stockbrokers in Mumbai
Indian markets just keep growing and growing
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.

The index closed at 18,327.42, up 788.85 points on the day, the largest-ever daily points gain.

Indian shares have risen more than 32% this year on the back of record inflows of overseas funds.

Analysts believe the gains are likely to continue as foreign money continues to pour into the fast-growing economy.

"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.

The Sensex crossed the 17,000 mark for the first time last month.

It was the fastest ever 1,000-point gain for the index, 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 about $15bn 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.

SEE ALSO
Indian stocks jump to new record
26 Sep 07 |  South Asia
Indian stocks jump to record high
06 Jul 07 |  Business

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