Earnings outlook gives Sensex a boost

Led by IT, energy and realty stocks, domestic markets on Friday rallied by 1.28 per cent amid expectations of good corporate earnings and economic fundamentals. The Sensex shot up 767 points to 60,686.69 and the NSE Nifty index rose 229 points to 18,102.75.

Positive global cues led to a gap-up opening but profit-taking trimmed gains in the initial hours. “The momentum which was lost during the week was regained as inflation worries started fading with investors shifting their focus to good quarterly earnings, economic recovery and strong domestic macro data points … rally was led by IT, energy and realty stocks,” said Vinod Nair, head of research, Geojit Financial Services.

The rupee gained 7 paise to close at 74.45 against the US dollar.