Indian share prices closed 1.22 percent higher on Thursday to a record high as foreign funds bought leading index shares at the expiry of the January futures contract, dealers said. They said banking, engineering and telecom shares were active as dealers took fresh positions.
Investors often buy shares on market in tandem with futures contracts which act as a benchmark for expectations on possible price movements. The 30-share Mumbai stock exchange Sensex index ended up 172.26 points to 14,282.46 from its previous record of 14,217.75 on January 18.
"The expiry of the monthly derivatives contract and select foreign fund buying have boosted the market trends," said Hiten Mehta, a fund manager with Fortune Financial Services. The stock markets will be closed for trading on Friday to mark India's Republic Day.
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