Sensex climbs 216 points on funds buying
The stock market opens firm with BSE benchmark Sensex climbing over 215 points to regain the 14,000 level on funds buying.business Updated: May 14, 2007 10:59 IST
The stock market opened firm on Monday with the Bombay Stock Exchange benchmark Sensex climbing over 215 points to regain the 14,000 level on funds buying, fuelled by firming global markets.
The rally was led by banking sector stocks like State Bank of India and Punjab National Bank stocks.
The 30-share index (Sensex), which had gained nearly 25 points in the previous session, shot up by 216.03 points at 14,012.19 in the first five minutes of trading largely on the back of a strong rally in index-related stocks.
Similarly, on the wide-based National Stock Exchange, Nifty was up by 74.20 points at 4,150.85.
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 booster.
State Bank of India's net profit soared to Rs 1,493.19 crore for the quarter ended March 31, compared to Rs 853.29 crore for the same period last year.
Stocks of State Bank of India traded Rs 41 higher at Rs 1,194 on a flurry of buying by funds.
Other gainers were Punjab National Bank, Reliance Industries, Reliance Capital, Larsen and Toubro, Ranbaxy Laboratories, Satyam Computer and ONGC.