Bourses on Friday shrugged off a moderation in economic growth rate and increased inflation and rather took cues from firm Asian markets, driving a 360-point surge.
MUMBAI: Bourses on Friday shrugged off a moderation in economic growth rate and increased inflation and rather took cues from firm Asian markets, driving a 360-point surge in the benchmark Sensex.
Sharp gains in the share prices of the country's biggest real estate firm DLF, Anil Ambani group's Reliance Energy and IT major Infosys helped the Sensex rise 359.93 points (1.9 per cent) to settle at 19,363.19 level. The heavyweights like Reliance Industries and ICICI Bank also recorded smart gains.
The National Stock Exchange's 50-share Nifty also surged by 128.15 points or 2.27 per cent to close at 5,762.75.
Friday's gains on the bourses came amid the government data, released this morning, showing a decline in the GDP growth rate to 8.9 per cent during the July-September quarter from 10.2 per cent in the comparable period last year.
The inflation rate also moved up to 3.21 per cent for the week ended November 17 from 3.01 per cent in the preceding week, according to a weekly government data released today.
FIIs which have been selling for the most part of the month, showed buying support today and operators and retail investors stepped up their purchases in big-time stocks.
DLF was the biggest gainer among Sensex stocks with a jump of over seven per cent in its share price, followed by 3-5 per cent gains in Reliance Energy, HDFC and Satyam. RIL, ICICI Bank and L&T were among other major gainers.
The government's decision to allow SBI, the largest bank in the country, to go ahead with a righs issue helped bank stocks. Shares of SBI rose by 1.4 per cent.
Among sectoral indices, Metal, Realty, Oil and Gas, and IT recorded gains ranging between 2-5 per cent.
The Sensex losers included Hind Unilever (1.45 per cent), Ambjua Cement (0.86 per cent), Bajaj Auto (0.56 per cent) and BHEL (0.25 per cent).
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