Indian Shares Cross 10,000 Points

March 26, 2009
Markets rose on improved U.S. economic data

Indian shares hit the psychological 10,000-point mark in afternoon trade on March 26 as global markets rose on improved U.S. economic data, spurring hopes for a global recovery, dealers said.

The benchmark 30-share Sensex index climbed to 10,061.36, up 393.46 points or 4.06% in late afternoon trade. The Sensex was last above 10,000 points in early January.

Sentiment has improved on overseas fund buying which has pushed the Indian markets up more than 16% in just over two weeks.

"Improved overseas fund buying and an easing of global concerns has led to the rally," said Bhaskar Kapadia, a partner at brokerage Pyramid Securities.

Inflation in India edged closer to zero, official data showed on March 26, prompting expectations of deflation along with further interest rate cuts to spur a slowing domestic economy. The hopes of further rate cuts added fuel to the rally, dealers said.

Annual inflation fell to 0.27% for the week ended March 14 from 0.44% the previous week, according to the Wholesale Price Index, the most watched cost-of-living measure.

Copyright Agence France-Presse, 2009

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