Markets cheer GDP nos, Fed moves

The markets rose for the second day running on strong global cues and healthy economic growth data, which saw buoyancy in key sectors.

Cabinet clearance for State Bank of India's rights issue also buoyed investor sentiment in banking stocks, said dealers.

The Bombay Stock Exchange's Sensex, which opened 132.86 points higher, hit the day's high of 19,424.99 "" up 421.73 points "" before profit booking pulled down some gains at close.

The Sensex closed at 19363.19, up 359.93 points, or, 1.89 per cent.

The National Stock Exchange's S&P CNX Nifty gained more sharply at 2.27 per cent, or 128.15 points, to close at 5,762.75 points.

Shares across Asia also rose after Federal Reserve Chairman Ben S. Bernanke reinforced speculation that the US policy makers will cut borrowing costs to bolster growth.