Indian shares rose 2.36 percent on Friday after European markets surged and on hopes that overseas fund inflows would improve in coming weeks, dealers said. The benchmark 30-share Sensex index rose 230.07 points to 9,964.29.
"A rise across Europe boosted sentiment after a rate cut. The possibility of overseas fund inflows improving in coming days boosted sentiment," said Advait Date, dealer with brokerage BHH Securities.
On Friday, gainers led losers 1,417 to 1,124 on volume of 34.47 billion rupees (721 million dollars). So far in November, overseas funds have pumped more than 400 million dollars into Indian equities, but remain net sellers for the year in excess of 12.4 billion dollars, data from the regulator showed. State-run bank stocks rose after most of them lowered their prime lending rates (PLR) by 75 basis points.
The state-run Bank of Baroda rose 17.1 rupees or 6.21 percent to 292.65 while India's third largest bank Canara Bank rose 11.95 rupees or 6.59 percent to 193.2. TCS rose 24.3 rupees or 4.87 percent to 524.55 while Reliance Industries rose 46.3 rupees or 3.95 percent to 1,217.85.
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