Indian shares rose 4.95 percent on Friday as Asian markets were lifted by a rally on Wall Street, dealers said. The benchmark 30-share Sensex index closed 412.86 points higher at 8,756.61, its second straight positive finish. Gainers led losers 1,583 to 854 on turnover of 34.6 billion rupees (670 million dollars). "A strong US overnight rally boosted sentiment.
The relief rally is likely to last for a few days," said Advait Date, a dealer with brokerage BHH Securities. Rates-sensitive property and banking stocks rose after Indias central bank lowered key interest rates by 50 basis points this month to spur growth in a weakening economy. Foreign funds have sold shares worth 2.28 billion dollars so far this year after off-loading 3.19 billion dollars worth in the same period last year.
Shares in fraud-hit Satyam Computer Services fell 3.6 percent or 1.7 rupees to 45.5 as uncertainty grew over its valuations. The companys board met Friday to discuss applications from potential bidders. DLF rose 15.7 rupees or 11.47 percent to 152.55 while ICICI Bank rose 24.45 rupees or 8.6 percent to 308.7, as concerns surrounding financial and banking sectors eased. Tata Motors rose 15.65 rupees or 10.72 percent to 161.6.
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