Indian shares closed on an up note Friday after government data showed the nation's GDP grew by 9% in 2007-08, second only to fast-growing China. Analysts said the high GDP growth was due to a strong performance in the country's agriculture sector.
However, stock gains were kept in check after inflation data represented by the wholesale price index (WPI) jumped to a four-year high at 8.1% for the weekend ending on May 17, vs. 7.82% from the previous week.
"Nobody has drawn any great satisfaction at 8.1% inflation -- 8.1% is a worrisome inflation. But the measures we have taken have contained inflation. We are confident that we will gain mastery over this inflation and inflation will be contained over time," Finance Minister P. Chidambaram said.
"However, moderation in inflation depends on global crude oil and commodity prices," he said. "Surely, we are still in full control over the situation."The Bombay Stock Exchange's Sensex Index climbed 99.31 points, or 0.6%, to 16,415.57. Here's a look at how some India-based American depositary shares traded in the U.S. Friday. Indian technology stocks were in play Friday after J.P. Morgan raised its price targets for the five biggest software companies, citing a better earnings environment due to a depressed rupee and changes to tax laws. J.P. Morgan raised its end-of-year price target for Tata Consultancy Services by 24% and for Infosys Technologies (INFY - Get Report), it bumped its price target by 27%. American depositary shares of Infosys, which trade on the Nasdaq, soared 8.2% to $49.11 on heavy volume.