Indian shares gained for the seventh day and were on track for their best monthly performance since last September, closing 0.9 percent higher on Wednesday, as world equities gained on hopes the global economy is recovering and crude oil prices eased.
The 30-share BSE index rose 0.89 percent, or 169.38 points, to 19,290.18 points, its highest closing level since January 12, with 23 of its components closing in the green. The 50-share NSE index gained 0.9 percent to 5,787.65, closing above its 200-day moving average of 5,696 points.
Market breadth pointed to a broad-based rally, with gainers beating losers in a ratio of 2.6 to 1 in a volume of 322 million shares on the BSE, higher than the 30-day daily average of 278 million shares. Foreign funds have pumped in nearly $1 billion in Indian equities in March, driving the benchmark index 8.1 percent higher.
Indian companies are scheduled to start reporting their results for the quarter and fiscal year ending March from the second week of April. Headline inflation in India tops 8 percent despite eight interest rate increases since last March, with food prices a key inflation driver. The BSE index is down 5.9 percent year-to-date, making it the worst performer among major markets in Asia.
Top lender State Bank of India jumped 3.3 percent, while leading lenders ICICI Bank and HDFC Bank firmed 0.7 percent and 1.4 percent, respectively. Drug maker Cipla jumped 5.2 percent, catching up with the underperformance, dealers said.
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