Indian stocks hit record highs; private banks gain

Published: January 15, 2018

STORY: Indian shares touched record highs on Monday (January 15) led by stocks of private lenders, with better-than-expected growth in industrial output and a global equities rally boosting sentiment.

India’s industrial output grew 8.4 percent in November from a year earlier, government data showed. Meanwhile, Asia shares ex-Japan hit historic highs after Wall Street extended its record-breaking run as banks reported solid fourth-quarter earnings and robust retail sales drove investor optimism about economic growth.

The broader NSE Nifty, which breached the 10,700 level for the first time ever, was up 0.86 percent at 10,773.45 as of 0541 GMT. The benchmark BSE Sensex was 1 percent higher at 34,937.15. Both the indexes were on track to post their third session of gains.

The Nifty private bank index rose as much as 1.3 percent to hit an all-time high. ICICI Bank Ltd climbed as much as 4.1 percent after Morgan Stanley raised its target price on the stock. Other private lenders also rose, with HDFC Bank Ltd and Kotak Mahindra Bank Ltd gaining more than 1 percent each.

Leave a Reply