Indian Stocks Hit Three-Week High
Jun. 3 – Indian stocks rose for the second straight day on Thursday, hitting a three-week high, as expectations remain optimistic that the country will continue to post robust economic growth in the near to long-term future.
The Bombay Stock Exchange’s Sensitive Index rose 1.65 percent, or 276.43 points, up to an end-of-the-day trading value of 17,018.27. This was done partly on the back of strong performances from Remi Metals Gujarat (up 8.57 percent), Reliance Communications (up 6.03 percent), Bafna Pharmaceuticals (up 4.42 percent), Oil & Natural Gas Corp (up 2.36 percent), and Maruti Suzuki India (up 1.89 percent), among many others.
Optimism has been high since the Indian government released data on Monday that showed a first quarter growth rate of 8.6 percent. Some investors believe that the strong performance indicates that the national economy has fully reverted back to pre-crisis expansion levels.
After averaging 9 percent growth for almost four years before March 2008, India reported a reduced 6.7 percent growth rate in GDP the following year as the World Financial Crisis took a firm grip on the world economy.
Investors are now hoping that this momentum will carry on through the coming years, and the Mumbai stock market’s performance this week has reflected these expectations.
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