India's NSE index rises to record closing high; Coal India surges - Reuters India

MUMBAI Thu May 22, 2014 3:38pm IST

MUMBAI May 22 (Reuters) - India's NSE index closed at a record high on Thursday, recovering from falls in the prior session as investors resumed buying stocks of companies expected to benefit from an economic recovery, and as Coal India Ltd surged on hopes it would be privatised.

The broader NSE index provisionally gained 0.32 percent, while the benchmark BSE index ended 0.31 percent higher, resuming their gaining streak after a breather on Wednesday.

Coal India surged 5.4 percent after Reuters reported the new government was exploring breaking-up the company and opening up the sector.

Domestic-oriented stocks rose on hopes of a revival in the economy. ICICI Bank provisionally ended higher 0.5 percent, while NTPC Ltd rose 7.3 percent. (Reporting by Abhishek Vishnoi; Editing by Prateek Chatterjee)