The recovery in global markets boosted Indian bourses on Friday, but the benchmark Sensex ended well below the higher level of the day. After rising 384 points at one stage, the Sensex closed with a gain of 143.03 points or 1.3 per cent to settle at 10,809.35.Asian stocks edged higher on Friday mirroring gains in Wall Street on Thursday, after US first quarter gross domestic product growth came in at an annualised 5.3 per cent, below expectations of a 5.7 per cent gain. The weaker-than-expected US first quarter GDP data helped alleviate some concerns about rising US interest rates. Japan, S Korea, Indonesia and Hong Kong staged a comeback.Stocks in Latin American emerging markets also surged on Thursday. It may be recalled that prospects for further rise in US interest rates had spooked global emerging market equities since mid-May 2006. US interest rate increases tend to heighten the allure of US debt investments compared with riskier emerging market assets, diverting portfolio investment from developing nations.Two-wheeler makers and select FMCG stocks edged higher on news that monsoon hit Kerala six days in advance. Steel shares surged. Reliance Communications Ventures rallied on favourable court ruling in a dispute against VSNL. Refiners HPCL and Indian Oil Corporation rose on strong Q4 results. But IT stocks slipped. GAIL India, Titan Industries and i-flex surged. A host of construction stocks rose.Indian stocks have seen a major correction over the past few days. From a lifetime closing high of 12,612.38 on May 10, the Sensex has lost 1,803.03 points or 14 per cent at current 10,809.35.Earlier, the market had witnessed a solid surge since late October 2005. From a low of 7,685.64 on October 28, 2005, the Sensex had spiraled up 4,926.74 points or 64 per cent in a few months to a lifetime closing high of 12,612.38 on May 10, 2006. Two-wheeler firms which derive a large part of revenue from rural economy surged today on reports monsoon hit Kerala on Friday, 6 days ahead of schedule.Hero Honda jumped 6 per cent to Rs 848, TVS Motors gained 5 per cent to Rs 129 and Bajaj Auto rose 4.4 per cent to Rs 2,912. FMCG giant Hindustan Lever gained 3.3 per cent to Rs 245. Cigarette major ITC rose 1.1 per cent to Rs 182.90. But the stock ended well off the day’s high of Rs 190.35 which it had struck earlier during the day.Steel shares surged. Tata Steel rose 5 per cent to Rs 539, Sail gained 7 per cent to Rs 83.30 and JSW Steel rose 9.5 per cent to Rs 281. Reliance Communications Ventures jumped nearly 7 per cent to Rs 285. Reliance Communication Ventures said on Friday its global bandwidth unit won a ruling to use rival Videsh Sanchar Nigam’s gateway in Mumbai.
