Indian shares rose 1.74 percent on Friday, on firm European markets and sustained buying by local funds, dealers said. The benchmark 30-share Sensex rose 194.06 points to 11,329.05. Markets were choppy in early trade, amid political uncertainty as the possibility of a fragmented coalition government grows when marathon general elections end next month.
Around 110 million Indians voted Thursday in the second and largest stage of the elections. "The markets were volatile in early trade, but got a boost from the European markets trading in green," said Alex Mathew, head of research with Geojit BNP Paribas Financial Services.
Gainers led losers 1,536 to 970 on volume of 52.54 billion rupees (1.05 million dollars). ICICI Bank rose 8.9 rupees or 2.1 percent to 432.5, ahead of its fourth quarter earnings announcement Saturday. State Bank of India, rose 42.1 rupees or 3.33 percent to 1,307.8. Maruti Suzuki India shares rose 2.6 rupees or 0.33 percent to 802.25 as the company announced improved quarterly sales and exports on Friday.
Maruti however showed an 18.5 percent fall in net profit in the fourth quarter, hit by higher input costs and weak demand. Its net profit reached 2.43 billion rupees (48 million dollars) in the three months ended March, down from 2.98 billion rupees a year earlier.
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