Indian Shares End Near Seven-Month High

Indian shares ended at their highest level in nearly seven months Tuesday, pushed by gains in Reliance Industries and helped by improved sentiment after debt-laden Greece reached a final agreement for its next bailout package.

The Indian rupee’s gain against the dollar further helped, as a stronger local currency would help partly offset a recent increase in crude oil prices, which drive inflation.

The Bombay Stock Exchange’s Sensitive Index added 0.8% to end at 18,428.61–its best finish since closing at 18,432.25 on July 27. The index moved between 18,293.80 and 18,470.86 through the session Tuesday.

On the National Stock Exchange, the 50-stock S&P CNX Nifty gained 0.8% to close at 5,607.15.

Trading volume in the BSE’s cash segment decreased to 35.37 billion rupees from Friday’s 44.32 billion rupees.

Indian markets were shut for a religious holiday Monday.

Gainers outnumbered decliners 1,674 to 1,301, while 112 stocks were unchanged.

India has been the best performing Asian market year-to-date, CLSA said in a note.

The Sensex has rallied 19.2% so far in 2012, rising consistently for seven straight weeks since Dec. 30, mainly helped by large foreign fund buying.

From: The Wall Street