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Sensex surges 327 points

MUMBAI — The market shrugged off blasts in Uttar Pradesh and galloped in late trade on a volatile day of trading. It snapped the last six day losses by posting decent gains yesterday. Reliance Industries surged in late trade. Reports of three blasts in Uttar Pradesh had pulled the market off higher level in mid-afternoon trade. It instantly recovered from lower level later. Earlier, the market had surged in afternoon trade.

Three consecutive blasts outside civil courts in Lucknow, Varanasi and Faizabad in Uttar Pradesh yesterday killed five people and injured many more.

Capital goods, power, realty, metal stocks gained. Reliance Energy and DLF were the major gainers whereas Maruti Suzuki india and HDFC Bank were major losers from Sensex pack. The market breadth was strong. European markets which opened after Indian market were firm. Asian markets, which opened before Indian market, were mixed.

India's wholesale price index rose 3.01 per cent in the 12 months to November 10, 2007, below the previous week's rise of 3.11 per cent, government data released yesterday afternoon showed. The annual inflation rate was 5.39 per cent during the corresponding week of the previous year.

The 30-share BSE Sensex rose 326.55 points or 1.76 per cent at 18,852.87. Sensex hit a low of 18,548.05 in mid-afternoon trade. At day's low, Sensex was up just 21.74 points for the day. Sensex hit a high of 18,910.46 in early afternoon trade. At day's high of 18,910.46, Sensex had gained 384.14 points.

Index heavyweight and India's largest private sector firm by market capitalisation Reliance Industries was up 3.03 per cent to Rs2,811.45.

Metal stocks surged in late trade. Sterlite Industries (up 4.6 per cent to Rs879.10), Steel Authority of India (up 1.94 per cent to Rs251.75),Hindalco Industries (up 0.86 per cent to Rs188.05) and Tata Steel (up 0.19 per cent to Rs820.50) edged higher.

India's largest truck maker by sales Tata Motors rose 3.27 per cent to Rs714.65 after union leaders at Ford Motor Co's Land Rover and Jaguar brands agreed on Thursday to support the Indian firm's bid for the brands. Tata Motors, Mahindra & Mahindra and buyout firm partner Apollo, and JP Morgan-backed One Equity Partners, are reportedly in race to acquire the Ford brands.

Power stocks surged. India's biggest power generation firm by revenue NTPC rose 3.98 per cent to Rs236.60. NTPC announced after market hours on Thursday that the company and Uttar Pradesh Rajya Vidyut Utpadan Nigam (UPRVUNL) have signed a memorandum of understanding for the formation of a joint venture company (JVC) for establishing and operating a coal based thermal power project at Meja Tehsil or any other suitable site in Allahabad district in the state of Uttar Pradesh.

Reliance Energy (up 7.48 per cent to Rs1,725.10) and PowerGrid Corporation of India (up 6.59 per cent to Rs151.20) edged higher.