Indian stockmarket hits record high

India’s leading stock exchange hit a record high in early trading on Friday, driven by a string of positive reports from companies in the third quarter of 2013.

The Sensex index, based in Mumbai, briefly hit 21,291 points early this morning before pulling back. This compares with the index’s previous high point of 21,206 in 2008.

It comes amid a difficult inflationary and political environment in India, which has seen the country’s central bank struggle to deal with rising costs, coupled with a decline in the value of the rupee.

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Emerging markets managers have been cool on India for some time due to these difficulties, and earlier this year cast doubt on the impact of market reforms aimed at promoting foreign investment.