Indian shares rose 2.93 percent Thursday on firm European and Asian markets and fresh buying in index heavyweights by local funds, dealers said. The benchmark 30-share Sensex rose 317.45 points to 11,134.99, snapping three straight days of losses. The markets ignored the release of inflation data, which moved up slightly, due mostly to rising food prices.
Annual inflation edged up to 0.26 percent for the week ended April 11, from 0.18 percent the previous week, according to the Wholesale Price Index, India's most watched cost-of-living barometer. "Improved European markets and bargain hunting after a correction pulled indices up," said Advait Date, a dealer with brokerage BHH Securities. Gainers led losers 1,444 to 1,093 on volume of 47.2 billion rupees (940 million dollars).
ICICI Bank rose 23.4 rupees or 5.85 percent to 423.6 while State Bank of India, rose 33.1 rupees or 2.69 percent to 1,265.7. Software stocks rose on bargain hunting and to mirror overnight gains in American Depository Receipts (ADRs) across global exchanges. Wipro rose 31.3 rupees or 11.1 percent to 312.95 while Infosys rose 70.5 rupees or 5.11 percent to 1,449.85.
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