Mumbai: The SENSEX opened on a strong footing and rallied further at early stages in line with a selective upsurge in old economy stocks under leadership of Hindustan Petroleum Corporation Ltd (HPCL) on the Bombay Stock Exchange (BSE) on December 16 on fresh buying by operators and foreign funds.

The BSE Sensitive Index opened remarkably higher at 3,360.20 as against the December 13 close of 3,342.97 and later firmed up to a high at 3,371.16 before being quoted at 3,355.74 at 10.30 hours (IST).

Optimistic about an early meeting of the Cabinet Committee on Disinvestment (CCD) to decide on the strategic sell-off of HPCL, investors were making hectic purchases in oil public sector undertaking (PSU) stocks at early stages.

Bank shares too hogged the limelight on sustained buying support prompted by strong hopes of better prospects for the sector following the passage of Securitisation Bill by the government in the Parliament.

PTI