Sensex gains 185 pts

Mumbai: The Bombay Stock Exchange benchmark Sensex rose by nearly 185 points in opening trade today, extending yesterday`s gains on the back of increased buying by funds amid a firming trend on other Asian bourses.

Covering-up of short positions by speculators also supported the upside in stock prices.

The 30-share index of the Bombay Stock Exchange, which gained 176.86 points in yesterday`s trade, moved up further by 184.83 points to 17,912.32 in opening trade, with PSU, IT, banking, metals and auto sector stocks leading the rally.

In a similar fashion, the wide-based National Stock Exchange Nifty index spurted by 55.95 points to 5,375.95.

Brokers attributed the rise in stock prices to increased buying by funds and retail investors, triggered by a firming trend on other Asian bourses.

In addition, covering-up of short positions in view of approaching monthly expiry in the derivatives segment on the NSE also influenced the market sentiment, they said.

Meanwhile, Japan`s Nikkei index gained 0.36 per cent and Hong Kong`s Hang Seng index rose by 1.48 per cent in early trade today.