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Indian share market overtakes Dow, touches new hig

Mumbai, March 29 India's key share market index Wednesday overtook the famed Dow Jones Industrial Average of the US for the first time in the history of the capital market on massive institutional buying interest.

The key Indian market barometer closed at a new all-time high as fund investors poured more money into one of the world's best performing bourses, betting on robust corporate earnings performance.

The stock market opened for the day on a bullish note, tracking the sharp overnight gains in major Asian stock markets.

The index surged higher in intra-day trade on sustained institutional buying interest and touched the 11,155-mark, bettering Dow Jones Industrial Average's last closing level of 11,154.

Reflecting the bullish sentiment, the stock market barometer 30-share Bombay Stock Exchange sensitive index or Sensex closed at 11,183.48, representing a gain of 97.45 points or 0.88 percent over its previous session's close.

Experts said the runaway rally in the Indian stock market showed little sign of abating Wednesday on sustained overseas fund inflows into the sizzling domestic trading ring.

'The market mood has been boosted by hopes that most of the corporate houses will unveil better than expected quarterly earnings numbers in the weeks ahead,' said Deepak Shah, an analyst with brokerage firm Pranav Securities.

A host of new and old economy companies will start unveiling their financial report cards for the quarter ending March 31 from the first week of April.

Massive investments inflows into India, Asia's second fastest growing economy after neighbouring China, on hopes of sustained higher economic growth and corporate earnings is helping the key index to scale new peaks on a regular basis.

The Sensex breached the 11,000-mark for the first time March 21.

The historic level was reached in less than six weeks after shares went past the 10,000-barrier Feb 6. The index rose over 40 percent in 2005 and is already trading nearly 17 percent higher in the current year.

Foreign institutional funds, the backbone of India's liquidity-starved capital market, pumped in a record $10.7 billion in the stock market in 2005 and have already bought shares worth over $3.63 billion in the current calendar year.

Enthused by the surging equity valuations, overseas funds have invested a whopping $1.3 million in March so far, compared with February's $1.7 billion, showed figures from the Securities and Exchange Board of India (SEBI).

Trinidad and Tobago News

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