Indian share prices rose 2.03 percent on Friday on improved fund buying after two of India's top software exporters gave higher fourth quarter earnings, dealers said. They said the markets could gain further next week despite concerns of a tightening in monetary policy by India's central Reserve Bank next Tuesday.
The benchmark 30-share Mumbai stock exchange Sensex closed up 277.71 points to 13,897.41. Wipro and Satyam Computer, India's third and fourth-largest software exporters, reported higher fourth-quarter earnings to round off a volatile year marked by the rupee's surge, rising interest rates and galloping wages.
Bangalore-based Wipro's net profit rose 39 percent from a year earlier to 8.56 billion rupees (203.8 million dollars) in the three months to March 31.
Satyam, based in the neighbouring southern Indian City of Hyderabad, said net income gained 16.7 percent from a year earlier to 3.94 billion rupees (93.79 million dollars) in the quarter. "The markets are set to gain decisively next week as crucial technical levels have been crossed. We expect profit booking at higher levels," said Hiten Mehta, fund manager with Fortune Financial Services.
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