6:00 PM Mumbai, 8:30 AM New York – The benchmark index in Mumbai trading gained more than 1% as investors focused on earnings in the current quarter and advanced tax payments. Reliance Industries payment of $170 million bolstered market sentiment despite the inflation hovering near 20%. Jet Airways expanded its route network.

The benchmark index in Mumbai gained more than 1% driving the index to a two-month high. Near record high inflation failed to deter investors to increase their share holdings.

The Sensex index in India increased 218.19 or 1.27% to 17,383.18 and CNX Nifty index rose 69.20 or 1.35% to 5,198.10. Among the Sensex 30 stocks, 25 rose and 5 fell.

On BSE trading, 1,819 stocks advanced, 1,026 declined and 76 were unchanged. Metal, capital goods, auto and consumer durables stocks rose. Reliance Industries and L&T surged.

Shares of four tire makers rose between 1.6% and 5% on the reports that the industry is looking to pass the rise in natural rubber prices to consumers.

Gainers & Losers

Gujarat NRE Coke Limited added 1.5% to Rs 79.65 after one of the promoter group companies revoked a substantial portion of the pledged shares.

Dr. Reddy’s Laboratories Limited rose 1.4% to Rs 1,215.90 following the gains in the international markets.

ICICI Bank Limited decreased 0.4% to Rs 918.95 on the worries that a resurgent inflation will prompt the central bank to tighten rates sooner than expected.

IVR Prime Urban Developers Limited rose 2.3% to Rs 179.20 after the shareholder plan to merge two of its subsidiaries with the company was approved by the High Court of Andhra Pradesh.

Jet Airways (India) Limited added 2.8% to Rs 484.50 after the airline reported around 31% growth in international passenger and 22% growth in domestic market. The airline plans to launch new flights to Saudi Arabia and South Africa in the next 30 days.

Madhucon Projects Limited gained 6.0% to Rs 157.65 after its subsidiary PT Madhucon Indonesia was granted a new coal mining business permit for coal expansion of 30,970 hectors in Mauraduwa in South Sumatra.

NIIT Technologies Ltd rose 0.5% to Rs 171.50 after the IT solutions provider announced a partnership with Singapore Airport Terminal Services to jointly market and implement its cargo handling system.

Novopan Industries Limited fell 3.8% to Rs 36.50 and the decorative wood carvings and furniture maker said its prime raw material wood inventory was burnt in a fire at its Shadnagar manufacturing unit in Andhra Pradesh on March 12.

Nucleus Software Exports Limited rose 2.2% to Rs 144.50 after the provider of integrated software products financial institutions, today announced that the South African based Capital Harvest has selected its loan management product FinnOne.

Radico Khaitan Limited gained 3.6% to Rs 124.50 after the company raised $75 million through qualified institutional placements at Rs 118.19 per share.

Reliance Industries Limited added 3.8% to Rs 1,066.80 after the company dropped out of race for the Canadian firm Value Creation, which it had bid for $2 billion. BP Canada has taken the controlling stake of the oil-sands company.

The company also paid advance taxes of Rs 770 crore, higher than estimated and more than a year ago period.

Shree Cement Limited rose 1% to Rs 2,341.50 after the company announced that it has commissioned its 1.80 million tons per annum clinker grinding unit at Village Akbarpur-Oud, Tehsil Laksar in Haridwar District, Uttrakhand.

Strides Arcolab Limited climbed 1.6% to Rs 326.90 after the drug maker is in discussions to increase its stake in Australia''s Ascent Pharmahealth Ltd to 100% from 57% according to the company officials.

Sun TV Network Ltd. gained 3.4% to Rs 427.50 after two analysts revised their views higher.