Indian share prices closed up 1.22 percent to a new record high on Thursday led by automobile and banking stocks, dealers said. They said software stocks remained subdued after India's second biggest software exporter Infosys Technologies lowered its full-year earnings forecast on Wednesday.
The benchmark 30-share Sensex index rose 181.42 points to a new record close of 15,092.04, above a previous record close of 15,045.73 set on Monday. Gainers led losers 1,793 to 858 on high volume of 60.8 billion rupees (1.5 billion dollars). The rupee was flat against the dollar at a near-decade high of 40.38. It was unchanged against the euro at 55.5.
The markets ignored a slowdown in industrial output for May. The government said Thursday that output rose 11.1 percent for May, a slowdown from the previous month and year as demand for manufactured goods dropped.
India's second biggest motorcycle maker Bajaj Auto rose 66.1 rupees or 3.11 percent to 2,194.8 on expectations of improved earnings despite a drop in first quarter earnings. Bajaj Auto on Thursday announced a 15 percent net profit dip for the first quarter ended June at 2.26 billion rupees (55 million dollars). India's top automaker Maruti Suzuki rose 21.75 rupees or 2.7 percent to 827.7. Infosys Technologies fell 7.95 rupees or 0.41 percent to 1,921.75 after the company cut its full-year earnings forecast on Wednesday.