India's Sensex heads for 13,000

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India's main stock index, the Sensex, has moved closer towards the 13,000 milestone after another record-breaking day of trading.

Investors snapped up the shares of technology firms including Infosys and Tata Consultancy, expecting them to announce strong second-quarter results.

That pushed the Sensex 1.5% higher to a new record-high close of 12,927.

It has now risen 57% over the past year and has rebounded strongly since shares plummeted below 9,000 in June.

'Stone's throw'

Earlier on Monday, the Sensex had touched an intraday high of 12,953.76.

"Money has been coming into the markets because of people's expectations of higher corporate earnings and the fact that crude oil prices have dropped," said Rajiv Sampat, a director at Parag Parikh Financial Advisory Services.

He said that the 13,000 barrier was now just a "stone's throw away".

"It could happen tomorrow or the day after, but it is no longer the psychological mark for investors as it was before."