India’s Sensex Index Enters Bull Market as Economy Strengthens
By Hemal Savai
Sept. 13 (Bloomberg) -- India’s stocks rose, with the benchmark index entering a so-called bull market, after industrial output grew at a faster rate than expected, signaling robust economic expansion.
Larsen & Toubro Ltd., the nation’s biggest engineering company, climbed to its highest in almost two months. Factory output increased 13.8 percent in July from a year earlier, exceeding the estimates of all 24 economists surveyed by Bloomberg News. State Bank of India, the largest, surged 5.8 percent to its highest in at least 19 years.
The Bombay Stock Exchange’s Sensitive Index, or Sensex, advanced 413.55, or 2.2 percent, to 19,213.21, according to preliminary closing prices, topping 19,000 for the first time since Jan. 18, 2008. The measure has rebounded from a May 25 low by 20 percent, the level considered by some analysts as signifying a bull market, and is at its highest level in more than 2 1/2 years.
The S&P CNX Nifty Index on the National Stock Exchange rose 2.1 percent to 5,759.85. The BSE 200 Index added 1.8 percent to 2,453.25. The markets were closed on Sept. 10 for a holiday.
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