India's Stock Market Rocks; New High Above 17,000

NEW YORK (Associated Press) - India's benchmark stock index crossed 17,000 for the first time Wednesday after zooming up 1,000 points in just six sessions since the U.S. Federal Reserve cut its key interest rate last week. That's the fastest ever 1,000-point gain for the Bombay Stock Exchange's 30-share Sensex. The index took 51 trading sessions to get from 15,000 to 16,000 (see chart above).

The benchmark index has risen 22% this year - and 6 percent in the past week - as foreign investors have pumped money into the market amid brisk economic growth that is averaging about 9% annually the last couple years.

Here's another report on India's red-hot stock market, with a timeline on the rise of the Sensex through Indian stock market history back to 1990, when the BSE closed above 1,000 for the first time.

(HT: Sanil Kori)