Sensex gains 81 pts amid volatile trades

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Mumbai, May 16: Shrugging off a spike in the inflation, key Indian equity indices managed to end the day in the green on the back of positive cues from the global equity markets on Friday.

Posting positive returns for the third consecutive session, the 30-share Sensex of the Bombay Stock Exchange closed the day at 17,434.94 points gaining 81.40 points or 0.47%. The broader S&P CNX Nifty of the National Stock Exchange (NSE) gained 42.45 points or 0.83% to end the day at 5,157.70 points.

On weekly basis, the Sensex and the Nifty gained 698 points (4.17%) and 175 points (3.51%) respectively.

The inflation data, based on the wholesale price index (WPI) for the week ended May 3 stood at 7.83% as against 7.61% in the previous week.

A head of institutional business at a leading brokerage firm said, "Indian markets have made it a habit of not reacting to the negative news flow. Markets also didn't react to higher inflation data last week and it also ignored the weak IIP numbers last week. It is mainly because markets have factored all the negative surprises after the meltdown. However volatility has gripped the markets and going ahead, they are going to remain volatile."

However some markets players attribute to the surge in the markets in the past few trading sessions to short covering at lower levels and on Friday, the Nifty May contract shed 5.75 lakh shares in its Open Interest (OI) to 2.9 crore shares. The Nifty May ended the day at a discount of 11 points to the spot price at 5,146 points.