New Delhi: The markets ended firm with the benchmark index closing at 17,600 levels, up 1.8% or 313 points. In broader markets, the Nifty firmed up over 60 points to close at 5,228 levels.
Marketmen said a firming trend in the global markets after the US Federal Reserve announced a 25 basis point cut in interest rates mainly boosted the trading sentiments in the Indian bourses.
The surge comes despite the government announcing higher rate of inflation on 02 May. For the week ended 19 April, inflation surged to 42-month high to touch 7.57% on account of higher prices of food articles like rice, milk, tea, vegetables and some manufactured products.
Leading the pack of gainers among the BSE 30 scrips was Reliance Energy. The stock moved up over 7.3% or Rs104. Technology scrips continued to move north with TCS Ltd, Satyam Computer, Wipro and Infosys Technologies logging smart gains.
Among sectoral indices, the banking index, BANKEX, rallied 3.7% by close of trading session. Key gainers in this space included Bank of India, ICICI Bank, HDFC Bank, State Bank of India, Federal Bank and Centurion Bank of Punjab.
Strength was also visible in auto counters. The index firmed up 2.8% on 02 May. Amtek Auto, Ashok Leyland, Bharat Forge, Escorts Limited, Mahindra & Mahindra, Tata Motors and TVS Motor found fresh investor interest besides Maruti Suzuki.
For the week, the Sensex and Nifty firmed up 2.8% and 2.2% respectively. The auto index moved up 5.6% during the week, while BANKEX and IT indices firmed up by 3.3% and 7% respectively.