Sensex zooms 293 pionts to go past 28K; Nifty above 8,600

Mumbai: Equities jumped on Friday for the second day as the benchmark BSE Sensex recaptured the 28,000-level by surging 293 points and NSE Nifty breached the 8,600-mark on continued buying by investors ahead of IIP and inflation data.

Brokers said widening of positions by participants ahead of key economic data -- industrial production (IIP) for June and consumer price index (CPI) for July to be released after market closing today -- helped boost trading sentiment.

Domestic markets took cues from firming trend at other Asian bourses and higher opening in European market following a record close overnight at Wall Street in view of surging oil prices.

For the week, the Sensex rose by 74.05 points, or 0.26 percent, while the Nifty shed 11 points, or 0.12 percent.

The BSE Sensex surged 292.80 points, or 1.05 percent, to end at 28,152.40 on widespread gains ahead of release of key macroeconomic data -- IIP for June and Consumer Price Index-based inflation (CPI) for July.

The gauge had gained 84.72 points in yesterday's trade.

The broader NSE Nifty recaptured the 8,600-mark and ended at 8,672.15, up 80 points or 0.93 percent. Intra-day, it moved between 8,684.30 and 8,604.45.

SBI stock surged 7.16 percent to Rs 243.20 despite posting a massive 77.8 percent fall in its net profit at Rs 1,046 crore for the June quarter. Axis Bank shares rose 3.99 percent to Rs 590.75 and Tata Motors by 2.58 percent to Rs 515.25.

Other big movers of the day are Power grid (2.24 percent, RIL (2.22 percent), HDFC ltd (2.21 percent ), M&M (2.12 percent), Tata Steel (1.71 percent), ICICI Bank (1.49 percent), Adaniports (1.46 percent), TCS (1.04 percent), L&T( 0.96 percent) and ONGC ( 0.87 percent).

Oil stocks led by RIL and ONGC were also in limelight as crude oil extended their rally in global markets.

Among sectoral indices, banking index rose the most by 2.03 percent followed by metal 1.26 percent, PSU 1.18 percent, auto 1.07 percent, infrastructure 0.99 percent, power 0.82 percent, capital goods 0.64 percent, FMCG 0.61 percent and consumer durables 0.26 percent.