Indian shares hit a new closing high on Monday, extending their winning streak to four sessions, as foreign funds ploughed even more money into front-line stocks. The 30-share BSE index closed 0.92 percent higher at 7,277.38 points, having touched an all-time high of 7,284.41 points. The index has risen more than 10 percent since April.
"Everything is looking good for this market to rise further. Foreign fund inflows are good, monsoon is no longer worrisome and Indian companies are expanding," said Bharat Shah, director of Vikram Kenia Securities Pvt Ltd.
Foreign funds bought stocks worth a net $1.33 billion rupees in June, and the latest data showed another net $72.3 million of purchases on Friday.
Shares of pharmaceuticals companies rose after being left out of the recent rally. Cipla Ltd rose 3.1 percent and Dr Reddy's Laboratories Ltd added 2.5 percent.
Index heavyweight Infosys Technologies Ltd gained 1.9 percent on hopes it will raise earnings guidance when it unveils first quarter results on July 12.
Cement companies closed higher after reporting strong shipments in June. Associated Cement Companies and Grasim Industries Ltd both gained about 1 percent, while Gujarat Ambuja Cements Ltd rose 1.7 percent.
Federal bonds also fell amid tight liquidity conditions as traders braced for the next day's fresh issuance's worth 100 billion rupees. The yield on the popular 8.07 percent bond finished at 7.0604 percent, up from Saturday's close of 7.0510 percent and 8 basis points higher than Friday's 6.9781 percent.
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