IT, bank stocks gain on strong global cues...

Stock markets brushed aside concerns over havoc in international financial markets with the benchmark Sensex notching up 727 points to close above 14000-level on Friday after Prime Minister Manmohan Singh asked cabinet ministers to stay alert on unfolding global situation.

The 30-share index, which commenced the day notably higher on firming global trend, spurted by another 500 points, minutes after reports of the Prime Minister’s remarks of caution.

The Sensex finally closed higher by 726.72 points, or 5.46 per cent at 14042.32 on heavy buying by funds and general investors. The key index touched a high of 14097.44 and a low of 13674.96.

The National Stock Exchange index, Nifty, surged 207.10 points to close at 4245.25 as heavy-weights led by software, telecom and realty stocks rose smartly. The Nifty surged to a high of 4262.65 and witnessed a low of 4040.80.

Refinery stocks gained the most as oil and gas index spurted 495.53 points at 9468.42, as Reliance gained Rs. 119 at Rs. 2,051.85 and ONGC by Rs. 72.95 at Rs. 1,072.10.

Capital goods index gained 491.57 points at 11740.07 .

IT stocks ended in the positive on strong global cues.

Further, most of the banking stocks ended in the green for the second straight day on Friday after taking a cue from the Finance Minister P Chidambaram’s assurance that the financial institutions are insulated from the present financial crisis in the U.S. Banking stocks index, Bankex gained 5.03 per cent at 7109.88.

Rupee looks up

The rupee finally overcame its weakness on Friday by gaining 59 paise at 45.82/83 against the dollar to close below the 46-mark, reflecting the impact of infusion of billions of dollars by central banks. In a fairly active trade at the inter-bank foreign exchange market, the rupee resumed strong at 46.15/16 a dollar from the previous close of 46.41/42. It touched a high of 45.76 in late dealings.

Source: The Hindu