FOREX UPDATE

The BSE Sensex surged 1.2% on Thursday, extending gains into a fifth successive session, backed by strong world markets and expectations the administration would focus on ensuring growth.

Financial stocks including private-sector lenders ICICI Bank and HDFC Bank headed the gaining chart on signs the easy economic position would continue to improve consumer spending.

India's main economic concern was lifting growth rather than inflation, Finance Secretary Ashok Chawla said on Wednesday, adding he saw no need for RBI to alter policy.

Market traders said this suggested interest rates would not climb rapidly and helped boost overall reaction.