The Bombay Stock Exchange sensitive index, Sensex, surged nearly 185 points at 18326.09 on Friday against 18141.40 on Thursday, with blue-chip L&T leading the rally on the back of handsome earnings, amid easing inflation, and falling commodity prices and rise in global markets. Extending the gains for the second day, the Bombay Stock Exchange's 30-share index, Sensex resumed higher and remained in the positive terrain throughout the day before settling 184.69 points, or 1.02 per cent, higher at 18326.09. Similarly, the broad-based National Stock Exchange gauge Nifty rose by 58.25 points at 5486.35.

“The announcement of the oil subsidy burden for upstream companies partly marred the mood in the afternoon. But, the overall sentiment received a boost from L&T's results and drop in food inflation in early May,” IIFL Head of Research (India Private Clients) Amar Ambani said. “Recovery in global stock markets and moderation in the global commodity complex also supported the Indian markets,” he further said. Further, 27 out of 30 s showed firm trend in their mid-session deals. The CAC was up by 0.47 per cent, the DAX by 0.23 per cent and the FTSE by 0.65 per cent.

Rupee drops 4 paise

The Indian rupee lost four paise against the dollar and closed at 45.01/02 on late demand from importers. The rupee opened better at 44.93/94 against Thursday's close of 44.97/98 and touched a high of 44.85. However, a sudden dollar buying pulled the rupee down to 45.01/02. — PTI