MUMBAI: The Cabinet's approval to transfer Reserve Bank's stake in State Bank of India to the government sparked off a heavy buying spree on the stock markets on Thursday. Strong global cues also boosted the market sentiment.
The Sensex ended sharply at 14267.18, a whopping rise of 176.26 points or 1.25 per cent over the Wednesday's close of 14090.92 points. Crediting the strong turnaround to government's decision to buy the Central Bank's stake in SBI at a price of Rs 1,300 per share, brokers said shares of the largest public sector bank flared up by about 8 per cent during trading. Profit booking at higher levels trimmed the gains in SBI counter to close with 5.7 per cent gain. PTI