Mon close: Sensex surges 170 points
The benchmark Sensex surges by nearly 170 points on buying by funds in heavy-weight stocks, led by banking shares.business Updated: May 14, 2007 16:16 IST
The benchmark Sensex surges by nearly 170 points on the Bombay Stock Exchange on Monday on buying by funds in heavy-weight stocks, led by banking shares after the State Bank of India announced attractive quarterly results.
The Sensex, which climbed to cross the psychological 14,000 points level in early trade, strengthened on brisk buying and ended with a gain of 169.70 points at 13,965.86.
Similarly, the wide-based National Stock Exchange index, Nifty, rose by 57.65 points at 4134.30, after touching the day's high of 4151.30 and a low of 4072.45.
The rally was led by banking, oils and metal sector on selective buying by foreign institutional investors. Banking index shot up by 169.13 points at 7074.23, Oil and Gas index by 166 points at 7354.67 and Metal index by 196.27 points at 10,262.03.
Stock brokers said reports of firming global markets enthused the trading sentiments in Mumbai, triggering massive buying by foreign funds.
They said excellent quarterly results by the country's biggest lender State Bank of India was another boosting factor.