Global investors, bullish on Modi, buy Indian stocks

Overseas investors bought a net $8.57 billion in Indian shares and bonds in March

Indian stocks reached a new high Monday, powered by foreign funds optimistic the country’s prime minister, Narendra Modi, will use his growing popularity to accelerate the pace of change and keep Asia’s third-largest economy expanding as much of the world struggles with slowdowns and uncertainty about how U.S. President Donald Trump’s policies will affect trade.

India’s bellwether S&P BSE Sensex broke a two-year-old closing record Monday as it rose to end trading at 29,910.22.

India has outperformed most developed and emerging markets this year. The index is up more than 11%, while key indexes in China, Brazil and the U.S.