Taking strong cues from the Asian markets, the BSE benchmark index, Sensex, on Wednesday rose by over 162 points in opening trade owing to fresh capital inflows by foreign funds amid short-covering by speculators in view of monthly expiry in derivatives segment.
The 30-share index, which had lost 370.10 points in the previous session, recovered 162.14 points, or 1.55 per cent, to 11,163.89 as stocks of banking, metal and capital goods sectors led the recovery.
Similarly, the wide-based National Stock Exchange's Nifty rose by 50.00 points, or 1.25 per cent, to 3,412.35 points.
Stock brokers said buying activity re-emerged on the domestic bourses following firming trends on the other Asian markets with Hong Kong's Hang Seng index gaining nearly two per cent in early trade today.
Covering-up of short positions by participants, as on Wednesday being the last session of expiry of April-month contract in the derivatives segment also led to the recovery in the stock market.
Stocks of Bharti Airtel shot up by 1.81 per cent to Rs 738.80 after the company announced a rise of 21 per cent in its Q4 net profits at Rs 2,239 crore over the year-ago period.
Other gainers which supported the Sensex were ICICI Bank up 2.62 per cent to Rs 450.85, HDFC Bank 1.14 per cent to Rs 1,083 and State Bank of India 0.56 per cent to Rs 1,247, Reliance Industries 0.89 per cent to Rs 1,752.25, DLF Ltd 1.42 per cent to Rs 228, Jaiprakash Associates by 2.31 per cent to Rs 132.90, Larsen and Toubro 0.73 per cent to Rs 879 and Reliance Infra 2.70 per cent to Rs 680.
Further, RCom moved up 0.29 per cent to Rs 212.30, Infosys Technologies 0.49 per cent to Rs 1,438.50, Tata Consultancy 1.29 per cent to Rs 606.30 and Wipro 0.92 per cent to Rs 318.30.