Sensex crosses 18,000 points

India's benchmark index reversed early losses to post its first weekly gain in five weeks after Prime Minister Manmohan Singh said record economic growth would be maintained.

"I am confident that this year too we will be able to sustain 9 per cent growth and hold the price line at acceptable levels," Singh told a business gathering.

He said construction of new roads, railway tracks, airports and other infrastructure was the "cornerstone" of India's development.

The index was also helped by inflation, which accelerated less than anticipated. Wholesale prices climbed 4.07 per cent in the week ended February 2, slower than the previous week's 4.11 per cent, the Ministry of Commerce and Industry said on Friday. That compared with a median forecast of 4.16 per cent in a Bloomberg News survey of 10 economists.

The Bombay Stock Exchange's Sensitive Index, or Sensex, climbed 348.62 points, or 2 per cent, to 18,115.25 after falling as much as 1.8 per cent. The index gained 3.7 per cent during the week after falling continuously in the previous four weeks.

Five stocks advanced for every two that fell on the exchange and all 13 industry indexes posted gains of between 0.8 per cent and 3.5 per cent. The S&P CNX Nifty gained 100.90 points, or 1.9 per cent, to 5,302.90.