Inflation figures fail to rein in bullish Sensex; Index jumps 313 points
The prime index of the Bombay Stock Exchange was bullish on Friday, closing 1.8 percent higher, riding on strong global cues even as inflation figures back home touched a three-and-half years high.
The benchmark 30-share sensitivity index climbed 312.81 points to close at 17,600.12 points, its highest close since Feb. 28, with 20 components gaining. The index hit a high of 17,621.24 and a low of 17,445.93 during intraday trade.
With Friday's gain, the index managed to close up at a high of 2.8 percent for the week but is still down 13.2 percent this year.
The day's top performers were Reliance Energy, ICICI Bank and Maruti Suzuki which surged 6.85 percent, 6.38 percent and 6.21 percent to Rs.1523.30, Rs.935.50 and Rs.788 respectively.
Engineering and construction major Larsen & Toubro (L&T) and top listed Reliance Industries (RIL) gained 4.58 percent and 2.29 percent to close at Rs.3141.05 and Rs.2674.85 respectively. The two stocks contribute to almost a quarter of the weight of the index.
India's largest bank, the state-run State Bank of India (SBI) advanced 2.58 percent to Rs.1822.15 on news that its quarterly net profit jumped 26 percent, beating market expectations.
IT stocks Wipro, Satyam Computer Services, Tata Consultancy Services (TCS) and Infosys Technologies climbed 2.78 percent, 2.47 percent, 2.31 percent and 2.04 percent to Rs.502.20, Rs.494.10, Rs.940.75 and Rs.1789.50 respectively.
Auto majors Tata Motors and Mahindra & Mahindra gained 4.27 percent and 2.98 percent to Rs. 690.45 and Rs.690.35 respectively.
Real estate giant DLF ended up 2.11 percent to Rs.720.15.
Other major gainers were Jaiprakash Associates (up 5.77 percent to Rs.286.95), NTPC (up 2.01 percent to Rs.200.70), HDFC Bank (up 1.59 percent to Rs.1538.95), BHEL (up 0.65 percent to Rs.1909.25), ONGC (up 0.56 percent to Rs.1039.20), ITC (up 0.43 percent to Rs.220.75) and Ranbaxy Laboratories (up 0.29 percent to Rs.481.45).
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