The BSE benchmark Sensex today rose by over 171 points in early trade as stocks of oil and gas, power, banking and PSUs sectors surged on increased buying by funds and retailers, fuelled by lower-than-expected wholesale inflation and falling global crude prices.
The 30-share barometer gained 171.38 points, or 0.93 per cent, to 18,529.18. The index had gained 115.24 points in the previous session.
Similarly, the wide-based National Stock Exchange index Nifty regained 5,600 points by rising 46.95 points, or 0.84 per cent, to 5,615.35.
Brokers said fresh buying by funds and retailers on hopes of a rate cut by RBI after inflation based on the Wholesale Price Index (WPI) fell to over three-year low of 5.96 per cent in March and falling global crude prices helped the trading sentiment to improve.
They said, however, a weakening trend in the Asian region following overnight losses on the US markets, restricted the gains on the domestic bourses here.
Stocks in oil and gas sector extended yesterday's gains after crude prices in the global market continued to fall.
Shares of BPCL gained 1.60 per cent, HPCL rose by 1.62 per cent, ONGC by 1.36 per cent, RIL by 0.47 per cent and IOC by 2.02 per cent.
However, stocks of gold finance and jeweller companies remained under pressure on rising risk of default due to persistent fall in the precious metal prices.
Mannappuram Finance fell 9.77 per cent, Muthoot Finance by 8.15 per cent, P C Jewellers by 1.62 per cent and Gitanjali Gems by 2.08 per cent.
Meanwhile in Asia, Hong Kong's Hang Seng index fell by 1.07 per cent, while Japan's Nikkei shed 1.47 per cent in the early trade. The US Dow Jones Industrial Average ended 1.79 per cent lower in yesterday's trade.
