India's Nifty 50 stock index is on a tear

Photo by Ryan Pierse/Getty Images

India’s benchmark stock index — the Nifty 50 — broke out of its recent trading range to close at a new record high yesterday.

After climbing above 10,000 points for the first time in late July, the index dipped to a recent low of 9,710.80 on August 11.

But further gains last week capped a strong rally over the past month, and Monday’s closing level of 10,153.10 was a new all-time high.

The index dipped slightly in early Tuesday trade, but a short time ago it was little changed from yesterday’s record close:

At its current level, the Nifty 50 is up by around 24% so far in 2017, easily outpacing Australia’s ASX200.

According to The Economic Times, technical analysts said the latest price moves could see the index push above 10,200.

Gains on the Indian market have been reflective of broad increase across emerging markets in Asia in 2017, as foreign capital poured in during the first half of this year.

Japan’s Nikkei index was the regional standout in Asian trade today, gaining almost 2% in the session to reach a two-month high.

The export-heavy Nikkei generally benefits from a weaker currency, and it’s climbed in recent days as capital moved out of the safe-haven Japanese yen.

It was another disappointing session for the local index today, with stocks tailing off in afternoon trade to close lower after a positive start.

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