India's benchmark BSE crossed 38000 points on Thursday as financial stocks recorded an upward movement.

Indian shares continued their upward movement for Thursday, today (9) mainly driven by the financial stocks, such as ICICI Bank and State Bank of India (SBI) and the benchmark Bombay Stock Exchange (BSE) index has crossed 38,000 points for the first time.

India’s third biggest lender, ICICI Bank stocks were seen trading with an up-tick of 8.5 per cent, highest since February to 3.92 GBP. The surge in the prices of ICICI bank is mainly due to the change in its accounting policy, media reports said.

India’s central bank, the Reserve Bank of India (RBI) on Wednesday (8) approved transfer of surplus amounting 3.89 billion GBP to the Indian government.

On Thursday (9) afternoon, bench mark BSE index was seen at 38047 level, up by 159.27 points when compared to its previous close. On BSE, shares of ICICI bank were seen trading at 3.78 GBP as of 13.56 IST on Thursday (9) up by 4.84 per cent when compared to the previous close.

Earlier in the day, ICICI bank share opened at 3.63 GBP and reached an high of 3.91 GBP and a low of 3.62 GBP per share. While, shares of State Bank of India were also seen trading up by 2.75% at 3.59 GBP as of 14.03 IST.