India shares hit record high

Indian shares closed at a record high Friday on investor optimism about economic growth prospects under the country's new right-wing government led by Narendra Modi.
The Bombay Stock Exchange's benchmark index, known as the Sensex, closed up 1.51 percent at 25,396.46 points, eclipsing its previous lifetime high of 25,375.63 points hit on May 16.
Earlier in the day, it touched a lifetime intraday peak of 25,419.14 points.
"The government is talking in the right tones on reform and has also acted to show they mean business by abolishing (bureaucratic decision-making) structures like empowered group of ministers," said Shrikant Chouhan, head of technical research at Kotak Securities.
"The market is moving in anticipation that the upcoming budget will reflect concrete move towards reforms," he said.
The change in government with the Bharatiya Janata Party -- perceived as pro-business -- taking charge last month with the first majority mandate in three decades has sparked an investor buying spree, according to AFP.