India's equity benchmark Sensex breaches 38,000 for first time

Source: Xinhua| 2018-08-09 17:14:30|Editor: Yurou
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NEW DELHI, Aug. 9 (Xinhua) -- India's stock markets touched record highs Thursday, with equity benchmark Sensex hitting 38,000 and Nifty breaching 11,495 for the first time.

The flagship BSE Sensex surged 162.56 points to touch 38,050,12 in early trade, breaking its previous intra-day record high of 37,931.42 Wednesday.

Similarly, NSE Nifty upped 45.20 points to 11,495.20, breaching its previous intra-day high of 11,459.95 Wednesday.

The gains were mostly led by banking, IT, oil and gas, capital goods, auto and infra stocks, where widespread buying by domestic and foreign institutional investors was noticed.

The stock markets have been cheering up despite the International Monetary Fund last month cutting down India's economic growth projection by a notch to 7.3 percent in 2018.

Last year, India's economy went through a slowdown following the sudden scrapping of high value currency notes and implementation of goods and services tax, a unified tax regime.

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