Sensex recovers by 51 points

Mumbai: The BSE benchmark Sensex gained 51 points in opening trade today on the back of bargain buying of select stocks by funds and retail investors.

The 30-share index of the Bombay Stock Exchange, which has lost 1,133 points in the previous eight straight sessions, rebounded by 51 points, to 18,520.36 with oil and gas, PSUs, banking and capital goods sector stocks staging a partial recovery.

Similarly, the wide-based National Stock Exchange Nifty index also moved up by 12.00 points, to 5,549.15 points.

Brokers attributed the recovery in opening trade to emergence of buying by funds and retail investors as several stocks turned attractive at prevailing levels after the recent slide.

Covering-up of short positions by speculators in some stocks also supported the recovery, they said.

Meanwhile, Hong Kong`s Hang Seng Index shed 0.44 per cent in early trade today. The Dow Jones Industrial Average in the US market ended 0.66 per cent lower in yesterday`s trade.