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Sensex retraces 17000

MUMBAI: The Bombay Stock Exchange benchmark Sensex on Friday regained the 17000 level after almost two months by adding 405 points after discarding concerns over souring inflation, with heavyweight stocks in metal, banking and refinery counters attracting buying support.

The 30-share index of Bombay Stock Exchange ended the day at 17125.98, a rise of 404.90 points, or 2.42 per cent, over its previous close.

The broader 50-share S&P CNX Nifty on the National Stock Exchange also advanced by 111.85 points, or 2.24 per cent, to close at 5111.70. Index-related stock Bharti Airtel topped the pack of gainers at 9.61 per cent, as it posted a 37 per cent growth at Rs. 1,853 crore in net profit for the quarter ended March 31, 2008. The markets, however, witnessed volatility for a brief period after the release of inflation data in the morning. Inflation rose to 7.33 per cent for the week ended April 12.

Marketmen said market-wide rollover to May series of derivatives was about 82 per cent, an indication of strong market fundamentals and bullish undertone. — PTI

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