Snapping a two-day falling streak, the Bombay Stock Exchange benchmark Sensex on Friday gained nearly 169 points on fund-based buying in bluechip stocks led by metals, banks and auto firms on hopes of interest rate cuts.
Similarly, the 50-share National Stock Exchange index Nifty rose 55.30 points to 2,948.35. It moved between 2,969.75 and 2,896.85 points.
Trading sentiment turned bullish after inflation figures yesterday showed a one-year low, prompting speculation that borrowing costs will be lowered as industrial output declined in December.
The market also propped up on hopes of fiscal incentives in the interim budget on Monday, earning index-heaviest Reliance Industries handsome gains.
State Bank of India, the largest, PSU bank and a member of the Sensex group, rose to a month's high. HDFC Bank and ICICI Bank, two Sensex constituents, further fuelled the uptrend by recording fresh gains.
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