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Sensex rebounds by 305 points in opening trade

Mumbai: The Bombay Stock Exchange benchmark Sensex rebounded by almost 305 points in opening trade today after a three-day losing streak on the emergence of buying by funds and retail investors, tracking a firming trend on other Asian bourses.

The 30-share BSE index, which lost nearly 1,015 points in the previous three sessions, recovered by 304.92 points, or 1.89 per cent, to 16,356.02 in the first five minutes of trade today, with all the sectoral indices trading in positive terrain with gains of up to 2.56 per cent.

Likewise, the wide-based National Stock Exchange Nifty Index also moved up by 91.30 points, or 1.88 per cent, to 4,926.70.

Brokers said a fresh spell of buying by funds and retail investors in recently beaten-down stocks, driven by a firming trend on the other Asian bourses following overnight gains in the US on hopes that European policymakers would find a solution to stabilise debt-stricken Greece, buoyed the trading sentiment.

In addition, covering-up of short positions ahead of monthly expiry in the derivatives segment on Thursday also helped stocks to recover, they said.

In the Asian region, Hong Kong`s Hang Seng Index rose by 2.44 per cent and Japan`s Nikkei Index by 1.80 per cent in morning trade today. The US Dow Jones Industrial Average closed 2.53 per cent higher yesterday.

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