Mumbai, May 24 (IANS): A benchmark index of Indian equities markets was trading 222.60 points higher around 12.30 p.m. Thursday on a healthy buying spree in bank, oil and gas and metals stocks.

The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was ruling at 16,170.70 points, up by 222.60 points or 1.40 percent from its previous close of 15,948.10 points.

The Sensex touched a high of 16,172.16 points and a low of 15,934.77 points in the intra-day trade. The Sensex midcap was up by 30.38 points but smallcap was up 34.83 points.

The wider 50-scrip S&P CNX Nifty of the National Stock Exchange (NSE) was up 62.60 points in the period under review at 4,898.25 points.

The BSE bank index was higher by 202.78 points, followed by the metals index by 135.69 points and the capital goods index by 85.86 points.

Stocks of oil marketing companies rallied following a base hike of Rs.6.28 in petrol prices. The move is expected to reduce the subsidy burden on the government and improve the companies' earnings prospects.

The oil and gas index was up by 152.16 points. The scrip of Indian Oil Corporation (IOC) was up by 2.30 points at Rs.275.75, stocks of Hindustan Petroleum Corporation (HPCL) increased by 2.50 points at Rs.311.80 and the Bharat Petroleum Corporation (BPCL) scrip was up by 11.60 points at Rs.733.50 points.

Sensex gainers included ONGC, up by 10.30 points at Rs.253.30; HDFC, up 21.65 points at Rs.656.40; Hindalco Inds, up 3.35 points at Rs.110.80; HDFC Bank, up 14 points at Rs.501 and Jindal Steel, up 11.25 points at Rs.464.20.

Major Sensex losers included Maruti Suzuki, down by 9.25 points at Rs.1,142; Tata Power, down 0.30 points at Rs.88.35; Sun Pharma, down 1.85 points at Rs.569.50; Hindustan Uniliver, down 1.10 points at Rs.424.55 and TCS, down 1.10 points at Rs.1,224.45.