Sensex, Nifty end near three-year highs on global cues

Across-the-board buying triggered by higher global cues on the back of easing concerns over the US QE tapering and pick-up in China's economic growth, pushed Sensex and Nifty to settle at three-year high on Friday.

The 30-share index resumed higher on firm Asian cues on the back of accelerating China's economic data and remained in positive terrain throughout the day. The Sensex closed at 20,882.89, up  2.29 per cent or 467.38 points.

It had last ended at 20,932.48 points on November 9, 2010.

The 50-share National Stock Exchange Nifty gained 143.50 points, or 2.37 per cent, to close at 6,189.35. Nifty had last ended at 6,194.25 on November 11, 2010.

Foreign institutional investors continued to buy metals, banks, capital goods and realty stocks. They bought Rs 11.09 billion worth of Indian shares on Thursday, a tenth consecutive session of purchases that bought their total to Rs 78.47 billion.

Major gainers on Friday included Reliance Industries (2.87 per cent) and ICICI Bank (4.55 per cent).

Shares also boosted on speculations that the Federal Reserve could maintain monetary stimulus to the US economy next year on fears that the 16-day partial US government shutdown, which ended this week, might curb economic growth there.

Most Asian markets ended higher after latest data showed that China's economic growth accelerated in the third quarter ended September 30.

Key benchmark indices in Singapore, China, South Korea, Hong Kong and Taiwan rose 0.24 to 1.06 per cent while Japan's Nikkei eased by 0.17 per cent.
 
With inputs from Reuters & PTI