Mumbai, April 25: The sensex signed off for the weekend on a very bullish note with the bellwether surging 405 points to 17125.98 with no sign of nervousness after inflation climbed further to 7.33 per cent.

The index crossed the 17K level for the first time in two months on a steady flow of strong numbers from banks and telecom companies.

The market was also buoyed by the fact that the forex derivative losses were lower than anticipated.

While bluechip stock Bharti Airtel jumped about 9.61 per cent on the BSE after reporting a strong quarterly net profit, banking stocks rose 3.33 per cent and remained the biggest sectoral gainer. The 50-share Nifty also rose 112 points and ended at 5111.70.

“Today’s gains were backed by telecom and banking stocks. The valuations of banking stocks have gone up after HDFC Bank, Yes Bank, and Oriental Bank of Commerce reported good earnings,” said Manish Sonthalia of Motilal Oswal.

“The market was speculating forex derivative losses would be in the range of Rs. 14,000 to Rs 15,000 crore. But the actual figures report are way below,” added Sonthalia.