Sensex jumps to near 2-week high

Mumbai: The BSE benchmark Sensex on Friday shot up by 286 points to a near two-week high at 18,722.30, on surge in banking, tech and auto sector stocks as investors cheered the new deal to resolve Greece’s debt crisis.

The Bombay Stock Exchange’s 30-share key index, which had lost over 217 points in last two sessions, jumped by 286.11 points to 18,722.30, a level last seen on July 11, on rally by Sensex leaders Reliance Industries (RIL) and Infosys.

RIL, the heaviest scrip on the Sensex, shot up by 1.49 per cent on expectations of a better quarter earning to be announced on Monday. IT bellwether and second most valuable scrip on Sensex, Infosys, rose 2.10 per cent.

Broad-based National Stock Exchange index Nifty rose by 92.35 points to 5,633.95, after touching the day’s high of 5,642.20.

A solution to Greece sovereign debt problems and strong opening in Europe markets boosted the domestic sentiment.

European leaders announced $ 229 billion in new aid for Greece, risking temporary default in their efforts to prevent the contagion spreading to other Euro members, which pushed up stocks in Europe and Asia.

Back at home, banking sector index on BSE rose the most, gaining 2.14 per cent after Axis Bank, the fourth largest lender by market value, surged 4.64 per cent after its profit beat estimates. SBI rose 1.70 per cent, ICICI Bank 2.61 per cent, HDFC Bank by 1.03 per cent and HDFC 1.35 per cent.

Tech sector was second best performer, rising 2.06 per cent, followed by auto index that gained 1.76 per cent after M&M, the biggest maker of sport-utility vehicles and tractors, shot up 2.98 per cent on encouraging first quarter earnings.