Indian share prices surged 2.99 percent to a 10th straight record close on Wednesday in sharply volatile trade as sustained overseas fund demand kept benchmark stocks up, dealers said. They said the markets swung sharply throughout the day, losing all morning gains of more than 3.5 percent before surging back in late afternoon trade.
The Mumbai stock exchange's Sensex index rose 518.42 points or 2.99 percent to a record 17,847.04, beating the previous best of 17,328.62 on Monday. Markets were closed on Tuesday for a national holiday. The Sensex hit a new intraday high of 17,953.07, surpassing the earlier record of 17,425.34 on Monday.
Sentiment was buoyant on hopes that the US Federal Reserve may cut interest rates in the coming months after a weaker-than-expected report on pending August home sales and poor September sales figures from big auto makers.
The Sensex has now risen over 29 percent this year, led by record overseas fund flows of 13.09 billion dollars this year. Losers led gainers 1,694 to 1,111 on record volume of 100.24 billion rupees (2.52 billion dollars). Infosys closed up 108.3 rupees or 5.72 percent to 2,001.4. ICICI Bank climbed 29.9 rupees or 2.83 percent to 1,088 rupees.
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