Bombay Stock Exchange Reaches Three Year High
- 14 years ago
The Bombay Stock Exchange rose past 20,000 points for the first time in more than two years. Foreign investments have been pouring into India’s stock markets to take advantage of its emerging economy.
The Bombay Stock Exchange index rose past 20,000 points early on Tuesday for the first time since January 2008. The local market was buoyed by robust foreign portfolio investment.
Analysts are upbeat about the outlook for foreign investments in emerging economies like India, while the developed world battles a slowdown.
[Anup Bagchi, Executive Director, ICICI Securities]: (English)
"I am very happy that the market has crossed 20,000. It brings a lot of cheer to retail investors as you know they are only long but I would exercise caution because market essentially drives on three things, fundamentals, valuation, which is at what price you are getting the stock, and momentum."
Foreigners moved nearly $3 billion into Indian equities in September, taking the year to date figure to nearly $16 billion. The Bombay Stock Exchange index has gone up more than 14 percent so far this year.
The Bombay Stock Exchange index rose past 20,000 points early on Tuesday for the first time since January 2008. The local market was buoyed by robust foreign portfolio investment.
Analysts are upbeat about the outlook for foreign investments in emerging economies like India, while the developed world battles a slowdown.
[Anup Bagchi, Executive Director, ICICI Securities]: (English)
"I am very happy that the market has crossed 20,000. It brings a lot of cheer to retail investors as you know they are only long but I would exercise caution because market essentially drives on three things, fundamentals, valuation, which is at what price you are getting the stock, and momentum."
Foreigners moved nearly $3 billion into Indian equities in September, taking the year to date figure to nearly $16 billion. The Bombay Stock Exchange index has gone up more than 14 percent so far this year.