The 30-share index BSE Sensex broadened gains today owing to sturdy buying activity in banking stocks.

India’s largest banks ICICI Bank and State Bank of India together contributed more than 40 index points on the Sensex.

At 11:45 a. m., the Sensex ruled 133 points (0.82%) up at 16,350, whereas the broad-based Nifty index remained at 4,950 after surging 42 points (0.86%).

Early gains were owing to a pullback in the Indian currency, which has witnessed some strength since May 24.

The Indian rupee ruled 11 paise up at 55.26 versus the US currency today.

Asian scrips ruled higher backing reactions.

Bourses in Japan, Hong Kong and South Korea made gains after opinion polls over the weekend showed that voters in Greece are seemingly supporting parties, which back up the European Union's bailout.

Prashasta Seth, senior vice president at IIFL stated, “Markets will be stable to positive, but they are likely to top out at 5,100-5,200.”

The banking index (1.5%) on the BSE remained the major gainer, even as all other sectoral indices traded positively.

SBI (2.8%), ICICI Bank (2.1%) and Axis Bank (2.1%) were the major Nifty gainers.

SBI has witnessed strong buying action on account of record profits during January-March quarter.

Around 40 out of the 50 stocks ruled positively on the Nifty index.

State run power equipment maker BHEL (3.2%) stayed the top Nifty gainer, accompanied by Reliance Infra (2.8%).

Another group company Reliance Communications (2.3%) rose on account of sturdy profits during the March quarter.

Gas utility company Gail India (-2.8%) was the top Nifty loser. Oil refiner BPCL (-1.4%), car maker Maruti Suzuki (-1.15%) and FMCG giant HUL (-1%) were among the key laggards.