Indian Shares End at Over-Three-Month High
MUMBAI--Indian shares closed at their highest level in more than three months Tuesday, lifted by sustained buying by foreign funds in front-line stocks such as cigarette maker ITC and ICICI Bank.</br></br>The Bombay Stock Exchange's S&P BSE Sensex index gained 215.31 points, or 1.1%, to close at 19888.95 points -- its highest level since Jan. 31. The National Stock Exchange's Nifty index rose 72.50 points, or 1.2%, to end at 6043.55.</br></br>The gains in the stock market and strong dollar inflows, which dealers said were likely related to a corporate deal, lifted the local currency against the U.S. dollar. At 1120 GMT, the dollar was quoted at 54.12 rupees, compared with 54.18 rupees in Asia late Monday.</br></br>Dealers said the dollar inflows were most likely related to Qatar Foundation Endowment's deal announced last week to buy a 5% stake in Indian telecommunications major Bharti Airtel for $1.26 billion.</br></br>"Global liquidity is chasing emerging-market stocks and India seems to be one of the top beneficiaries," said Nilesh Karani, assistant vice president for research at Magnum Equity Broking.