Indian shares rose 3.47 percent on Thursday, crossing the 10,000-point mark as world markets were lifted on improved US economic data, spurring hopes for a global recovery, dealers said. The benchmark 30-share Sensex index rose 335.2 points to 10,003.1, marking its fourth straight day of gains. The Sensex last closed above the 10,000-point mark on January 6.
Sentiment has improved on overseas fund buying which has pushed the Indian market up more than 20 percent in just over two weeks. In the past nine days, overseas funds have been net buyers of Indian stocks to the tune of 618.5 million dollars. "Improved overseas fund buying and an easing of global concerns has led to the rally," said Bhaskar Kapadia, a partner at brokerage Pyramid Securities.
Inflation in India edged closer to zero, official data showed Thursday, prompting expectations of further rate cuts to jolt the economy out of a looming deflationary period. Gainers just led losers 1,392 to 1,138 on turnover of 46.07 billion rupees (911 million dollars). Tata Power shares rose 41.2 rupees or 5.57 percent to 781.4. Larsen and Toubro rose 38 rupees or 6.1 percent to 661.3, on fresh fund buying. Motors rose 12.7 percent or 7.94 rupees to 172.7 on improved sentiment.
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