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India's Sensex hits record high India's Sensex hits record high
(about 3 hours later)
India's main stock index, the Sensex, has touched a record high on the back of increasing optimism about growth prospects for Indian's economy. India's main stock index, the Sensex, has closed at a record high on the back of increasing optimism about growth prospects for Indian's economy.
The benchmark Sensex index rose by 1.1% to 12,677 points on Friday, topping a previous intraday peak set in May. The benchmark Sensex index rose 1.67% to 12,746.75 points on Friday, topping a previous peak set in May.
India's Oil and Natural Gas Corporation and leading technology firms such as Infosys led the advance. India's Oil and Natural Gas Corporation, and leading technology firms such as Infosys, led the advance.
The Sensex's recovery marks a change in fortunes for the exchange, which plunged in value earlier this year.The Sensex's recovery marks a change in fortunes for the exchange, which plunged in value earlier this year.
Reports that India's manufacturing sector grew by 11.1% in August helped to cement the positive market sentiment among investors.Reports that India's manufacturing sector grew by 11.1% in August helped to cement the positive market sentiment among investors.
"Technology and oil companies have led the Sensex for the past month-and-a-half," said TS Harihar, derivatives head at Karvy Stock Broking."Technology and oil companies have led the Sensex for the past month-and-a-half," said TS Harihar, derivatives head at Karvy Stock Broking.