Markets surge on quarterly nos

A strong set of corporate earnings boosted the markets to a 29-month high this week. Better rainfall also buoyed sentiments.

The Sensex jumped 175 points (1%) to 18,131. The Nifty gained 55 points (1%) to end at 5,449. Both indices closed at its highest since Februray 2008.

Food inflation eased marginally to 12.47 per cent for the week ended July 10 as some essential items like vegetables turned cheaper, but experts said it may not deter RBI from hiking short-term rates in its upcoming monetary review.

In other news, market regulator, Securities and Exchange Board of India (Sebi) would be rewritting the Takeover Code. The new rules, experts said, were likely to make M&As expensive, while offering better terms to minority shareholders. Sebi wants open offer size raised to 100 per cent, trigger point to 25 per cent.

IT major, Wipro, jumped 2.5% to Rs 412 on announcing its Q1 numbers. the net profit of the company rose 31% to rs 1,319 cr. Total income was up 16% at Rs 7,236 cr.

Larsen & Toubro gained 3.5% to Rs 1,937. The company touched a new 52-week high on Friday as they bagged the Rs 12,132 crore project for Hyderabad Metro Rail.

Metal stocks surged. Tata Steel jumped and Hindalco syrged 5.2% each to Rs 536 and Rs 158, respectively.

Sterlite rallied 4.6% while Jindal Steel gained 2%, respectively. Mahindra & Mahindra and ICICI Bank were some of the other gainers in the sector.