Indian (SENSEX) stocks climbed yesterday, sending the benchmark S&P BSE Sensex above its record closing high, with investors speculating an acceleration in the inflows of capital as company earnings exceed expectations.

State Bank of India helped 13 lenders reach a one-month high after the government announced that the bank is among 20 state-owned lenders to receive 140 billion rupees ($2.3 billion) to guard against bad debts. The greatest climb on the index was recorded by Tata Motors Ltd. (TTMT), owner of Jaguar Land Rover.

The Sensex rose 1 percent to 20,974.21 at 11:12 a.m. in Mumbai. The gauge increased as high as 21,039.42, surpassing the all-time closing high of 21,004.96 on Nov. 5, 2010. Foreign investors bought a net $15.2 billion of local shares so far this year as economists have postponed projections for when the U.S. Federal Reserve will begin reducing stimulus. All nine of the 30 Sensex companies that have reported results so far this season have shown profits that beat or matched estimates.

India’s equity strategists, who abandoned expectations for a record high in the Sensex on concern earnings growth will slow, found the rise surprising.