Sensex up 120 pts

Mumbai: The Sensex rose by almost 120 points in opening trade on the Bombay Stock Exchange today on continued bargain buying at lower levels, with the trading sentiment boosted by easing food inflation.

The Sensex, which has gained nearly 1,045 points in the past five sessions, shot up by 119.85 points, or 0.65 per cent, to 18,626.67 today. Capital goods, oil and gas and banking stocks led the rally.

Similarly, the broad-based National Stock Exchange Nifty index gained 29.60 points, or 0.60 per cent, to 5,576.05 points.

Brokers said the availability of several stocks at attractive levels and a fall in food inflation provided much needed support to the market.

In addition, covering-up of pending short positions by speculators also supported the rally in the market, they said.

In the Asian region, Hong Kong`s Hang Seng index was up by 0.48 per cent, while Japan`s Nikkei index remained almost flat in early trade today.

The US Dow Jones Industrial Average ended 0.24 per cent higher in yesterday`s trade.