Indian shares rose 1.89 percent on Friday, snapping four straight days of losses, on bargain hunting after prices had fallen more than three percent, dealers said. The benchmark 30-share Sensex rose 290.79 points to 15,689.12. Buying came in at the close of the week, as automobile, metal and consumer goods stocks rose.
"Strength from European and US index futures market added to our market's uptrend," said Alex Mathews, head of research with Geojit BNP Paribas Financial Services. Gainers led losers 1,576 to 1,132 on turnover of 56.95 billion rupees (1.16 billion dollars). Oil and Natural Gas Corp (ONGC) rose 35.3 rupees or 3.09 percent to 1,177.75, ahead of the opening of the public issue of the India's second largest oil exploration firm Oil India, next Monday.
The Oil India IPO, worth up to 570 million dollars, has priced shares in the price band of 950 to 1,050 rupees. HDFC rose 77.65 rupees or 3.26 percent to 2,461. Mahindra and Mahindra rose 50.5 rupees or 6.21 percent to 863.9, on bargain hunting, after it had dipped over eight percent in the last four weeks, on worries about lower agriculture growth. Larsen and Toubro rose 52.55 rupees or 3.47 percent to 1,568.55.