Indian shares hit record close

Indian share prices rose 0.15 percent to a second straight record close on Thursday a day after a record surge in reaction to the US Federal Reserve rate cut, dealers said. They said market sustained Wednesday's gain, its sharpest single day rise at 4.17 percent, on expectations that overseas funds will continue to invest in Indian equities.
The Mumbai stock exchange Sensex index rose 25.2 points to 16,347.95, from a record 16,322.75 points on Wednesday. Property and consumer goods stocks rose while software stocks fell, as the rupee strengthened against the dollar to a near-decade high of 39.91 from 40.26. Many Indian software firms bill clients in dollars. "The markets opened strong but lost steam as investors locked-in gains," said a dealer with brokerage Prabhudas Lilladher.