 "Sensex gains over 100 points; state elections biggest trigger for markets")
The BSE Sensex gained 0.3 percent, while the broader Nifty is up 0.4 percent.
An expansion in farm output and some infrastructure helped the Indian economy recover slightly in the September quarter, but growth still hovered close to decade lows, tempering hopes of a sustained rebound ahead of elections due next year.
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Financial shares lead the gains with IDFC up 2.5 percent on continued hopes it would get a banking license.Axis Bank gained 1.8 percent ahead of inclusion in India’s benchmark BSE index on Dec 23.
Foreign funds were buyers of $119.22 million in Indian equities on Friday, provisional data showed.
Shares in Larsen and Toubro gained 1.4 percent after the company said on Friday it was evaluating options “for monetisation” of assets belonging to unit L&T Infrastructure Development Projects (IDPL).
According to _CNBC-TV18’s U_dayan Mukherkee, outcome of the four key state elections will be the most important near-term trgger for the market. Results of state assembly elections in Madhya Pradesh, Rajasthan, Chhattisgarh, Mizoram and Delhi will be declared on December 8.
Globally, investors will be closely watching key data like the US jobs report due next week, which will decide US Fed’s future action on its stimulus plan.
According to him, two likely scenarios would be, either the market may head higher fuelled by these triggers and will knock on the doors of 6,350 or may breakdown below the key support level of 6,000.
With inputs from Reuters