Indian shares rise 1.22 percent, gains in bank shares

Mumbai, May 17 (IANS) Buoyed by strong global trends, a key index of the Indian stock markets was up 1.22 percent Thursday with banking sector shares leading the gainers.

The 30-share benchmark Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) rose 172.4 points or 1.22 percent to 14,299.71.

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Similarly, the broader 50-issue National Stock Exchange (NSE) index Nifty ended 48.60 points or 1.17 percent up at 4,219.55 levels.

Leading the surge was top state-run lender State Bank of India, up 3.40 percent at Rs.1,328.10.

It was followed by India’s largest firm and index heavyweight Reliance Industries, up 3.09 percent at Rs.1,684.85 with a gain of Rs.50.45 on its Wednesday close, and pharma major Dr. Reddy’s Laboratories, up 2.19 percent at Rs.677.85.

Top private bank ICICI Bank was up 1.81 percent at Rs.935.75.

Multi-utility vehicle maker Tata Motors, software exporter Tata Consultancy Services, cement major ACC, leading telecom service provider Reliance Communication, software exporter Infosys Technologies and state-run carmaker Maruti Udyog were among the other major index gainers.

Following an expected announcement of a split into its manufacturing and investment units, top two- and three-wheeler maker Bajaj Auto led the major index losers of the day, as it was down 6.71 percent at Rs.2,500.30, losing Rs.179.75 over its last trade.

It was followed by top consumer goods maker Hindustan Lever, down 1.14 percent at Rs.195.05 and drug major Cipla, down 0.67 percent at Rs.208.40.