Market
Mumbai - India's benchmark stock market index, the BSE Sensex snapped its two-day losing streak, gaining 1.10 percent or 150.61 points on Friday to close up at 13,887.15 on hopes that the newly constituted government would usher in market-friendly reforms and boost economic growth.
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The 30-share market barometer opened lower at 13,663.54 and seesawed between the day's high of 13,936.93 and 13,611.30 before settling in the green.
After Friday's climb, the prime index is up 38.56 percent this year, after slumping nearly 52 percent in 2008, a year marked by economic downturn, credit squeeze, rising inflation and high global crude prices. Thanks to the massive 17.34 percent jump on Monday following the announcement of Congress-led UPA's unexpectedly easy election win over the weekend, the Sensex closed up 14.08 percent during the week, its biggest weekly rise in 17 years.
The day's biggest gainer was engineering conglomerate Larsen & Toubro (L&T), which jumped 4.73 percent to close up at Rs.1301.40.
Close at its heels was India's largest private sector lender ICICI Bank, which surged 4.54 percent.
Other financial majors viz. HDFC, State Bank of India and HDFC Bank soared 1.09 percent, 1.01 percent and 0.13 percent.
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Police in Mumbai said on Sunday they have arrested two men they say were prepari...
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