Sensex surges 360 points

India's gross domestic product (GDP) rose 8.9 per cent in the second quarter ended 30 September 2007, which was below a robust 9.3 per cent growth recorded in the first quarter ended June 2007.

The wholesale price index rose 3.21 per cent in the 12 months to 17 November 2007, above the previous week's rise of 3.01 per cent, government data released yesterday, 30 November 2007, afternoon showed. The annual inflation rate was 5.56 per cent during the corresponding week of the previous year.

The 30-share BSE Sensex rose 359.93 points or 1.89 per cent to 19,363.19. The Sensex hit a high of 19,424.99 in late trade. At day's high, the Sensex gained 421.73 points.

As per provisional data, FIIs bought shares worth a net Rs1072.07 crore yesterday, November 30, 2007. Domestic funds bought shares worth a net Rs688.34 crore yesterday.

India's largest private sector firm by market capitalisation and oil refiner Reliance Industries rose 1.15 per cent to Rs2850.75 on reports it plans to spend Rs17000 crore on exploration in the next few years.

The BSE Bankex rose 2.54 per cent to 10,870.88. Kotak Mahindra Bank surged 9.51 per cent to Rs1234, Bank of Baroda jumped 7.58 per cent to Rs381.90, Bank of India moved up 6.19 per cent to Rs350.70 and Union Bank (India) rose 4.39 per cent to Rs177.20.

India's largest private sector bank by assets ICICI Bank rose 1.53 per cent to Rs1177, off day's low of Rs1192.

India's largest commercial bank State bank of India rose 1.34 per cent to Rs2300.30 after the union cabinet yesterday approved enhancing the capital of the largest commercial bank by subscribing to its rights issue of equity shares worth Rs10000 crore.

The BSE IT index rose 2.74 per cent to 4,197.62. Financial Technologies jumped 4.97 per cent to Rs2447.20, TCS climbed up 3.81 per cent to Rs1013.95, Wipro gained 2.18 per cent to Rs460.30 and Satyam Computers gained 3.37 per cent to Rs439.95.

India's second largest software exporter by sales Infosys Technologies gained 2.19 per cent to Rs1604.95. The company expects to maintain margins in coming quarters and the US subprime crisis had not hit IT spending by US clients, T. V. Mohandas Pai, Infosys' director for human resources said on Thursday. He further said Infosys has successfully coped with the appreciation of the rupee against the dollar.

The BSE Metal index jumped 5.09 per cent to 17,730.53. Copper makers surged after copper prices hit a two-week high on the London Metal Exchange on Thursday on hopes that lower US interest rates would help boost economic growth as well as demand for industrial metals. Sterlite Industries surged 12.58 per cent to Rs1034.75, Hindalco gained 2.43 per cent to Rs182.45.

Sesa Goa gained 5.80 per cent to Rs3453.60, Jindal Stainless rose 3.25 per cent to Rs217.70, and Steel Authority of India (Sail) 3.19 per cent to Rs258.45.

India's largest steel firm by sales Tata Steel rose 2.94 per cent to Rs825.70 after the company said it has signed an agreement with Riversdale Mining to develop a hard coking and thermal coal project at key coal exploration tenements held by Riversdale in Mozambique.

Cement stocks were in demand. J K Cements soared 7.46 per cent to Rs234.80, JK Lakshmi Cements jumped 5.17 per cent to Rs196.45, Grasim Industries rose 2.59 per cent to Rs3792.35, ACC gained 1.87 per cent to Rs1089.45.