Sensex gains 127 points in opening trade

Mumbai: The Bombay Stock Exchange benchmark Sensex gained over 127 points in opening trade today on the back of bargain buying by funds and retail investors, ignoring a weak trend overseas.

The 30-share index, which lost nearly 400 points in the previous three sessions, rose by 127.35 points, or 0.76 per cent, to 16,858.92 in the first few minutes of trade today.

In a similar fashion, the wide-based National Stock Exchange Nifty index moved up by 37.30 points, or 0.74 per cent, to 5,073.10 in the first few minutes of trade.

Banking, metal, oil and gas and PSUs stocks led the recovery.

Brokers attributed the recovery to fresh buying by funds and retail investors at prevailing levels.

In addition, covering up of short positions by speculators also helped stocks trade in the positive zone.