Indian share prices rose 1.96 percent on Friday led by modest gains across Asia and institutional buying in metal, property and oil stocks, dealers said. They said sentiment improved after Indian premier Manmohan Singh said he was confident the country would be able to maintain a nine percent economic growth rate despite a possible global slowdown.
The 30-share benchmark Sensex index rose 348.62 points to 18,115.25. Oil stocks rose for the second day after the government on Thursday hiked the prices of petrol and diesel fuels because of a surge in global oil prices.
Starting Friday, petrol costs two rupees (five cents) more per litre while diesel will cost one rupee more. "We are seeing buying emerge at lower levels after a corrective phase in previous weeks," said R.Balakrishnan, executive director of brokerage Centrum Broking.
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