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Sensex hits new record

Indian (SENSEX) stocks rose, sending the benchmark S&P BSE Sensex above its record closing high, amid speculation that capital inflows will accelerate as company earnings exceed estimates.

State Bank of India helped a gauge of 13 lenders climb to a one-month high after the government said the bank is among 20 state-owned lenders that will receive 140 billion rupees ($2.3 billion) to guard against bad debts. Tata Motors Ltd. (TTMT), owner of Jaguar Land Rover, climbed the most on the index today.

The Sensex rose 1 percent to 20,974.21 at 11:12 a.m. in Mumbai. The gauge gained as high as 21,039.42, exceeding the all-time closing high of 21,004.96 on Nov. 5, 2010. Overseas investors purchased a net $15.2 billion of local shares so far this year, the most among 10 Asian markets tracked by Bloomberg after Japan, as economists have pushed back estimates for when the U.S. Federal Reserve will begin reducing stimulus. Profits at all nine of the 30 Sensex companies that have reported results so far this season have beaten or matched estimates.