Sensex gains by 247 pts

Mumbai: The Sensex rose by over 247 points in opening trade on the Bombay Stock Exchange today on continued buying by funds, driven by a firming global market trend and easing food inflation.

The Sensex, which gained over 865 points in the past four sessions, shot up by 247.21 points, or 1.33 per cent, to 18,736.97 today. Banking, auto, metal, capital goods and oil and gas stocks led the rally.

Similarly, the broad-based National Stock Exchange Nifty index gained 72 points, or 1.13 per cent, to 5,608.20 points.

Brokers said a firming trend on other Asian bourses following overnight gains in the US market and easing food inflation mainly buoyed the trading sentiment at home.

In addition, corporate-friendly Budget proposals also supporting the ongoing rally on the bourses, they said.

In the Asian region, Hong Kong`s Hang Seng index was up by 1.41 per cent, while Japan`s Nikkei index rose 1.56 per cent in early trade today.

The US Dow Jones Industrial Average ended 1.59 per cent higher in yesterday`s trade.