The Bombay Stock Exchange benchmark Sensex shot up by over 277 points on Friday on frenzied buying by foreign as well as domestic funds on better-than-expected earnings from tech majors Wipro and Satyam Computers.
The 30-share index, which had lost nearly 52 points on Thursday, staged a significant recovery to close 277.71 points or 2.04 per cent up at 13,897.41 after touching the day's high of 13,915.62, thanks to a rally in oil and gas, metal, banking, IT and capital goods sector stocks.
Similarly, the wide-based National Stock Exchange index Nifty, also closed 85.90 points, or 2.15 per cent higher at 4,0833.55 after hitting an intra-day high of 4,090.05 points. Stock observers said announcement of higher-than-expected fourth quarter earnings by Wipro and Satyam Computers buoyed the trading sentiments.
They said firming trends at other Asian markets too had a positive impact in Mumbai. Wipro, India's third-largest software services exporter on posted a 24.54 per cent jump in net profits for the fourth quarter at Rs 818.9 crore as against Rs 657.5 crore recorded in the same period an year ago.
Wipro stocks traded Rs 20 higher at Rs 596 while Satyam Computer gained Rs 17 at Rs 465. Infosys Technologies rose 1.66 per cent at Rs 2073.
Satyam Computer too reported a 37.11 per cent growth in net profits at Rs 397.50 crore for the quarter ended March 31 against Rs 289.90 crore for the same period last year.
Petrochemicals giant and country's most valued company's stock, Reliance Industries maintained its record-breaking journey for yet another session to hit new high of Rs 1,545 before settling Rs 48.35, or nearly 3.5 per cent up at Rs 1,541.25.