Sensex erases decline; State Bank, ICICI, Reliance gain

Sensex erases decline; State Bank, ICICI, Reliance gain
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First Published: Mon, May 14 2007. 04 30 PM IST
Updated: Mon, May 14 2007. 04 30 PM IST
PTI
Mumbai: The benchmark Sensex surged by nearly 170 points on the Bombay Stock Exchange today 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 here, 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.
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First Published: Mon, May 14 2007. 04 30 PM IST
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