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After a recent strong rally, Indian stocks are trading at roughly 30 times the estimated earnings per share for the year ending March. (Source photo by Reuters)
Market Spotlight

India stocks at record highs lead Asia recovery, despite COVID

Foreign investor net buying rises as earnings and bank assets improve

KEN KOYANAGI, Nikkei Asia Editor-at-large | India

TOKYO -- The Indian equity market is about to end 2020 at a record high, bouncing sharply from a trough in March, even as the pandemic continues to ravage the country.

India's benchmark BSE Sensex index of 30 stocks hit at one point an all-time high of 46,992.57 on Thursday, up over 83% from the bottom of 25,638.9 recorded on March 24, when Prime Minister Narendra Modi announced the world's biggest lockdown.

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