Sensex rises for 3rd straight day; closes 303 points higher

The Indian stock markets key indices rose for the third straight day on Friday with the benchmark Sensex gaining 303 points on positive cues from other Asian peers.

The 30 stock S&P BSE Sensex jumped 303.38 points or 0.56 per cent to close at 54,481.84 points against its previous day's close at 54,178.46 points.

Earlier, the Sensex started the day sharply higher at 54,574.43 points and soared to a high of 54,627.14 points in the intra-day.

This is the third consecutive day of the rally in the Indian equities markets. The benchmark Sensex had gained 427.49 points or 0.80 per cent on Thursday.

The broader Nifty 50 of the National Stock Exchange rose 87.70 points or 0.54 per cent to 16,220.60 points against its previous day's close at 16,132.90 points.

The Nifty had gained 143.10 points or 0.89 per cent on Thursday.

There was good buying support in infra, power and banking stocks. L&T soared 4.56 per cent to Rs 1684.70. Power Grid Corporation soared 3.03 per cent to Rs 219. NTPC surged 2.21 per cent to Rs 143.50.

Banking stocks jumped. ICICI Bank rose 1.85 per cent to Rs 755.65. Axis Bank rose 1.62 per cent to Rs 669.10. Kotak Bank climbed 0.42 per cent to Rs 1746.50. State Bank of India closed 0.35 per cent higher at Rs 488.45.

Bharti Airtel, Hindustan Unilever, Dr Reddy's Laboratories, Sun Pharma and Nestle India were among the major Sensex gainers.

Nine of the 30 scrips that are part of the benchmark Sensex closed in the red. Tata Steel slumped 1.62 per cent to Rs 885.75. IndusInd Bank dipped 1.47 per cent to Rs 848.45. Maruti Suzuki slumped 1.44 per cent to Rs 8474.65.

Tata Consultancy Services slumped 0.67 per cent to Rs 3264.85 before the announcement of the financial results for the first quarter of the current financial year. The company is scheduled to disclose financial numbers later in the day.

Asian Paints, HDFC, HCL Technologies, Wipro and Mahindra & Mahindra were among the other Sensex losers.

( With inputs from ANI )