Markets gain amid strong global cues

Key benchmark indices snapped two-day losing streak with investor sentiment boosted by provisional US economic data showing that foreign funds remained net buyers of Indian stocks on Friday.

Inflow of foreign money too helped domestic equities as the rupee appreciated by 30 paise to 55.45 against the US dollar.  Comments from Finance Minister P Chidambaram that he intends to shortly unveil a path of fiscal consolidation aided gains on the domestic bourses also improved investor sentiment in D-Street.

After a long time, index heavyweight Reliance Industries (RIL) hogged the limelight, rising 5.7 per cent due to sharp rally in crude on reports benchmark Singapore gross refining margins (GRM) have strengthened from the 2nd week of July 2012 to average at $8 a barrel from $6.7 a barrel in the quarter ended June 2012. Mukesh Ambani group company Reliance Industrial Infrastructure jumped nearly 12 per cent.

Even Anil Ambani group’s stocks too gained quite smartly; Reliance Mediaworks climbed 20 per cent, while Reliance Infra, Reliance Capital, Reliance Power, Reliance Broadcast Network and RCOM were up 2-8 per cent.

The market breadth was positive as the market surged in early trade on firm Asian stocks, while it held firm in late trade as European stocks edged higher. The Sensex and the 50-unit S&P CNX Nifty both hit their highest level in nearly four weeks.

The popular Sensex at BSE jumped 215.03 points or 1.25 oer cent to settle at 17,412.96, its highest closing level since July 11, 2012. The index surged 253.60 points at the day's high in late trade and rose 115.12 points at the day's low in early trade. The 50-unit S&P CNX Nifty jumped 66.85 points or 1.28 per cent to settle at 5,282.55, its highest closing level since 11 July 2012. The Nifty hit high of 5,293.20 and a low of 5,260.85 in intraday trade.

From broader markets, the BSE Mid-Cap index rose 0.5 per cent.