Markets up on Friday

Bulls cheered strong IIP numbers on Friday, ignoring further spike in the country’s inflation. Key indices slipped for a freak second into red after India’s Inflation rate accelerated to 7.41% for the week ended March 29 against expectation of 7.03% the highest since November 08, 2004.

However, later in the day markets have gained momentum as India's industrial production rebounded sharply in February on the back of improved performance of the mining and electricity sectors the Government said on Friday. Now with industrial production picking up in February, the Government can heave a sigh of relief and the Reserve Bank of India (RBI) can consider hiking the CRR to check inflation.

Finally, the BSE benchmark Sensex ended 112 points higher to close at 15,807 and the Nifty index ended 44 points higher to 4,777. Overall about 1,634 stocks advanced; 1,055 stocks declined while 59 stocks remained unchanged. Among the 50-Nifty 18 stocks ended in red and 32 stocks ended in green.

Sasken Communication rallied by over 12% to Rs136 after reports stated that they would consider share buy-back on April 18, 2008. The scrip touched an intra-day high of Rs139 and a low of Rs123 and recorded volumes of over 22,00,000 shares on BSE.

Assam Company was down by half a percent to Rs24. According to reports, the company said that it would launch four varieties of branded tea. The scrip touched an intra-day high of Rs25 and a low of Rs24 and recorded volumes of over 1,00,000 shares on BSE.

Financial Tech was up by 1% to Rs1703 after the company said that the company acquires 90% stake in South Africa-based ICX platform for US$1.5mn. The scrip touched an intra-day high of Rs1720 and a low of Rs1675 and recorded volumes of over 4,000 shares on BSE.

ICICI Bank ended flat at Rs797. The company is in talks with Moscow Bank of Reconstruction and Development (MBRD) for jointly marketing the Indian banks mortgage loan products in Russia, reports stated. The scrip touched an intra-day high of Rs820 and a low of Rs791 and has recorded volumes of over 3,00,000 shares on BSE.

Global Vectra surged by over 17% to Rs101 following reports that the company is likely to foray into on-shore charter business. The scrip touched an intra-day high of Rs103 and a low of Rs88 and recorded volumes of over 12,00,000 shares on BSE.

On Tuesday, all eyes would be on the quarterly results to be announced by the Indian IT bellwether Infosys. Also cues coming in from the equity markets across the globe would continue to direct the Indian bourses.