India leapfrogging on the World Bank's Ease of Doing Business rankings took stocks to dizzying heights as the Nifty closed above 10,400 for the first time and the sensex shot up 387 points to a new record.
India improved its rank considerably as it went up 30 notches to the 100th place in the World Bank report. Following smart gains in the equity market, total market capitalisation (m-cap) of BSE-listed companies rose by Rs.1 lakh crore to Rs.145 lakh crore -its highest level.
Eight core sectors provided more tailwind, which grew at a six-month high of 5.2% in September. Positive leads from global markets came as a catalyst.
That apart, better-than estimated earnings by some more companies kept the risk-on sentiment alive.