Markets shrug off higher inflation numbers

Markets have moved up sharply in the noon deals of Friday, shrugging off higher inflation numbers. The Sensex gained 271 points to 13,365 levels. The broader markets index Nifty also gained 1.7 per cent to 3992.

Buying is visible in capital goods, realty, banking and IT counters by over 1.3 per cent each.
“Markets will move in a sideways zone and I expect it to open flat. Inflation will be a key factor and market’s sentiment will largely depend on that,” said Sandeep Wagle, Chief Technical Analyst, Angel Broking.

Among the BSE-30 scrips, Jaiprakash Associates gained 7.8 per cent to Rs 149 levels. Other major gainers include BHEL, which is up 7.6 per cent to Rs 1502. Reliance Infrastructure also advanced 6.7 per cent to Rs 770.

Other Asian markets are trading mixed on Friday. While Hong Kong’s Hang Seng is in the green, Japan’s Nikkei and South Korea’s Kospi are in red turf by over 0.2 per cent each.

Realty surges: BSE realty index, advanced 229 points or 5.3 per cent, is the biggest gainer among the sectoral indices. Housing Development & Infra, Kolte-Patil and DLF are the major gainers of the pack.