Domestic stock markets traded higher on Friday, with Tata Steel climbing the most in 14 months after the steelmaker beat expectations for quarterly profit. By afternoon, the BSE Sensex jumped as much as 342.77 points to 39,073.63, while the Nifty moved to 11,747.25, up 105.45 points from the previous close. The advances on Dalal Street were led by financial, banking, metal and IT stocks. Market heavyweights ICICI Bank, Tata Consultancy Services (TCS), Axis Bank and Reliance Industries contributed the most to the gains on the Sensex.
At 2:41 pm, the Sensex traded 266.13 points - or 0.69 per cent - higher at 38,996.99 and the Nifty was at 11,727.60, up 85.80 or 0.74 per cent points from the previous close.
Top gainers on the 50-scrip benchmark index at the time were Tata Steel,GAIL, Axis Bank, BPCL and ICICI bank, trading between 2.55 per cent and 5.71 per cent higher.
Tata Steel was the top percentage gainer on both the indexes after the company reported a consolidated net profit of Rs. 2,295.25 crore for the quarter ended March 31.
According to Sanjiv Bhasin, executive vice-president, markets and corporate affairs, India Infoline, better-than-expected results from UltraTech Cement and Tata Steel indicate that pessimism on industrial growth is overdone.
Axis Bank shares also rose 3.2 per cent after the private-sector lender reported an improvement in asset quality. Morgan Stanley said big asset-quality worries were likely over for the bank, according to new agency Reuters.
IT stocks Infosys and Tata Consultancy Services rose about 1.4 per cent each
(With inputs from agencies)
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