Sensex recovers at open on funds buying

MUMBAI: After remaining in the bear grip for two days the benchmark Sensex gathered momentum and rose by over 278 points in early trade at the Bombay Stock Exchange on Wednesday on revival of buying by funds in heavy-weight stocks.

The BSE-30 share index, Sensex, which had witnessed a major correction of nearly 575 points in last two days, rebounded 277.83 points at 19,678.50 in first five minutes of trade.

Blue-chip stocks like ICICI, Reliance Industries and ONGC gained in early trade this morning and helped Sensex move northwards.

Similarly, the wide-based National Stock Exchange's Nifty rose 74.85 points at 5,861.35.

The trading sentiment was also encouraged by reports of a firming trend in global stock markets.