India's stock index tops 19,000
Mumbai, October 15, 2007
India's benchmark stock index rose above 19,000 points for first time, rising 3.5 percent at close of trade Monday amid strong demand for Reliance Energy, Tata Steel and other blue-chip shares.
The Bombay Stock Exchange's 30-share Sensex surged 639.6 points to end at 19,059 points.
On the broader National Stock Exchange, the 50-company S&P Nifty index jumped 242 points, 4.5 percent, to close at 5,670 points.
The Sensex added 1,000 points in just five trading sessions, the same amount of time it took to rise from 16,000 to 17,000 points last month.
India's stock rally has been fueled by a surge of foreign money flowing into the country. Foreign institutional investors have already plowed in a record $16.5 billion so far this year, nearly double the amount they invested in Indian stock through 2006.