THE BULLS were rampaging on Indian bourses on Monday. Both the key indices, the Sensex and the Nifty, reached all-time highs -- 13,039.30 and 3776.05 respectively -- during intra-day trading sessions. The Sensex closed at a record 13024 and the NSE Nifty at 3,769. Since June 14 — when the Sensex was down to 8,929 — the market has, on an average, added 1,000 points every month.
Experts said the current surge was different from earlier ones. Hemendra Kothari, chairman and managing director, DSP Merrill Lynch, said the brand 'Corporate India' had undergone a dramatic change. "The India growth story has become globally acceptable," he said. "Through some big-ticket acquisitions, Indian entrepreneurs have proven they have the financial muscle and the capability to manage businesses beyond the physical boundaries of the country." The experts said that though China remained an important destination for foreign direct investment, India too was becoming an integral part of global portfolio (equity) investments.
Anurag Mehrotra, vice-president and head of wealth management, Edelweiss, said: "Tata Steel acquiring Corus Steel, GHCL taking over Dan River and Rose Bye, Mahindra & Mahindra's acquisition of Germany's Zeco Holding AG, and many other such deals have clearly established that India is emerging an important location.”