India's market nears record high
 |
The BSE Top 30 sensitive index is up more than 70 percent this year.
Story Tools
YOUR E-MAIL ALERTS
|
Follow the news that matters to you. Create your own alert to be notified on topics you're interested in.
Or, visit Popular Alerts for suggestions.
|
|
MUMBAI, India (Reuters) -- India's booming stock market, Asia's second-best performer in 2003 behind Thailand, is poised to reach new highs following eight straight months of gains, chartists say.
The Bombay Stock Exchange has doubled its market capitalization this year to more than $275 billion after record investments by overseas funds.
"We are in a major bull market," said Mitesh Thacker, chartist with Kotak Securities.
The BSE Top 30 index s up 71.5 percent since the start of the year.
At a near four-year high of 5,791.85, it is now less than 400 points from its historic high of 6,150 reached in 2000.
"The catch phrase is so true here -- the trend is your friend until the bend at the end. I would rather wait for retracements to buy more," said Julien de Luca, London-based analyst with Stockcube Research.
Among individual stocks, analysts are bullish on Housing Development Finance Corporation Ltd, India's biggest housing mortgage company.
HDFC ended Tuesday at 656.05 rupees, up some 85 percent since the end of last year.
Thailand's market is doing best in the region, with Bangkok's SET composite index up 116 percent this year
Copyright 2003
Reuters. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
