The Bombay Stock Exchange benchmark Sensex today recovered from a nine-week low and surged by 197 points on emergence of buying, spurred by higher profit earnings posted by blue chips amid a firming global trend.

The 30-share index shot up by 197.40 points to 18,044.64, on the back of a rally in blue chip stocks Reliance Industries, Coal India and Tata Steel. It had sunk to its lowest since March 21 after it lost 165 points in the previous session.

Similarly, the broad-based National Stock Exchange index Nifty climbed by 63.4 points to 5,412.35 driven by metal, realty, banks and refinery stocks. Trading sentiment turned bullish on reports of attractive quarterly earnings posted by Tata Steel, Coal India and Cairn India.

Tata Steel jumped by 1.98 per cent to Rs 572.60, Coal India 3.22 per cent to Rs 389.15, and Cairn India gained 1.40 per cent to Rs 342.85, buoyed by solid numbers for the quarter ended March 31, 2011.

Smooth carry forward of positions for next month contract in the derivatives segment and a firming trend overseas helped balance the fears of further rise in interest rates on account of high food inflation.

Food inflation jumped to 8.55 per cent for the week ended May 14 from 7.47 per cent in the previous week.

RIL rose 2.92 per cent to a six-week high of Rs 933.25 on reports that the Government might allow the company to charge market prices for natural gas sold to users other than fertiliser, power companies and for domestic consumption.

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