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India’s BSE index hits record high

Published: July 12, 2018

STORY: India’s benchmark BSE (Bombay Stock Exchange) index on Thursday (July 12) touched an all-time high as optimism around corporate earnings and stronger Asian shares boosted sentiment.

The broader NSE index rose 0.96 percent to 11053.30 as of 0604 GMT while the benchmark BSE index was 0.93 percent higher at 36,605. The BSE index touched 36,612.60 in early trade, a record high, while the NSE index rose 1 percent to an over 5-month high of 11,060.55.

Stock market expert Sunil Shah said that it was a good day for investors and cited softening of crude oil prices as one of the many reasons for BSE’s surge.

Shares of oil marketing companies and airlines jumped after crude oil prices posted their biggest one-day drop in two years.

The BSE index is expected to break a resistance at 36,568 points, technicals suggest. The index is up 6.5 percent this year as of last close, while MSCI’s broadest index of Asia-Pacific shares outside Japan is down 6.2 percent in the same period.

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