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India Stock Market Hits Record High - 2003-10-13

India's Bombay stock market hit a three-year high on Monday as the Sensex stock index rose more than 1.5 percent for the day. That caps a price increase of around 70 percent for Indian stocks since a low point last April.

Much of Monday's gain came in India's key computer software industry. Good monsoon rains also raised hopes for abundant crops and growing demand in the nation's huge agriculture sector.

News reports say investors are also bidding up the prices of stocks for cement, oil, steel and motorcycle companies.

A survey of top Indian business executives shows that most of them expect the stock market rally to continue at least the next six months.