The Sensex posted its fifth consecutive weekly rise on Friday, its best run in more than a year, bolstered by hopes of interest rate cuts by the central bank, positive economic data and increased foreign fund inflows.
The index, which is up nearly 14 per cent this year, rose roughly one per cent for the day to log its best close in more than three months.
Index heavyweight Reliance Industries was among the top gainers and closed up 1.1 per cent at Rs 838.30.
Reliance expects to produce up to 3.5 million standard cubic metres a day of gas by the second half of 2014 from two coal-bed-methane blocks in central India, the company said in a newspaper advertisement published on Friday.
Bharti Airtel rose 0.5 per cent to Rs 387.60, extending its gains of nearly seven per cent in the previous session, as analysts expect the top mobile operator to benefit from the Supreme Court ruling yesterday to revoke 122 licences.
The Supreme Court ordered telecoms licences issued under a scandal-tainted 2008 sale be revoked.
Also Read
Citigroup said in a note that the development was positive for players like Bharti, as it would lower competition and give better pricing power. It maintained its ‘buy’ rating on Bharti.
The main 30-share BSE index closed up 0.99 per cent, or 173.11 points, at 17,604.96, with 24 of its components in the positive territory. It fell as much as 0.3 per cent during the day in a choppy trade. The index gained 2.2 per cent this week.
“The perception about the Indian markets is getting better and we think that the growth would be better in the next fiscal year,” said Sam Mahtani, a London-based fund manager for F&C Asset Management, which owns Indian shares worth $300 million.