Sensex gains 198 pts as bank, heavy machinery scrips surge

Sensex gains 198 pts as bank, heavy machinery scrips surge
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First Published: Wed, May 16 2007. 04 20 PM IST
Updated: Wed, May 16 2007. 04 20 PM IST
PTI
Mumbai: Late buying by funds pushed up the Bombay Stock Exchange benchmark Sensex by nearly 198 points on the back of a rally in banking and capital goods stocks.
The 30-share index (Sensex), which surged over 230 points on heavy buying by foreign and domestic funds, ended with a gain of 197.98 points at 14,127.31 as most of the banking stocks led by State Bank of India notched up handsome gains.
In similar fashion, the second wide-based National Stock Exchange index Nifty added 50.65 points at 4170.95.
Prominent supporters to the trend were banking stocks as its index gained 222.32 points at 7,413.32 followed by capital goods index by 148.87 points at 10,082.93.
State Bank of India, country’s largest lender, gained after the lower house of Parliament yesterday approved changes in rules that will allow the bank’s to raise fresh capital by selling shares.
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First Published: Wed, May 16 2007. 04 20 PM IST
More Topics: Money Matters | Equities |