Stock markets recover on buying in IT, PSU bank stocks; Sensex climbs 325 pts

Mumbai, Mar 20: Benchmark stock indices Sensex and Nifty gave up most of their intra-day gains to end nearly half a per cent higher on Friday, following intense buying in PSU bank, IT and metal stocks amid concerns over a further spike in fuel-driven inflation.

In another volatile session, the 30-share BSE Sensex climbed 325.72 points or 0.44 per cent to settle at 74,532.96. During the day, it jumped 1,079.15 points, or 1.45 per cent, to 75,286.39.

The 50-share NSE Nifty edged higher by 112.35 points, or 0.49 per cent, to end at 23,114.50. Intra-day, it jumped 343 points, or 1.49 per cent, to 23,345.15.

From the 30-Sensex firms, Tata Steel, Tech Mahindra, Infosys, Trent, Reliance Industries, Titan, NTPC and Sun Pharma were among the major gainers.

HDFC Bank, Bharat Electronics, Kotak Mahindra Bank and ICICI Bank were among the laggards.Meanwhile, the price of premium or higher-grade petrol on Friday was increased by Rs 2 per litre, and the rate of bulk diesel sold to industrial users was hiked by about Rs 22 a litre, reflecting the spike in global oil prices amid conflict in West Asia.