Sensex opens 129 points higher

Stocks of metals, consumer durables, auto and power firms were trading in the positive zone, helping the Sensex to trade higher. File photo

The Bombay Stock Exchange benchmark Sensex opened nearly 129 points higher Monday on emergence of buying in fundamentally strong shares at lower levels, driven by a firming trend on other Asian bourses.

However, a spike in global oil prices after Western forces launched airstrikes on Libyan targets capped the gains.

The 30-share barometer, which lost nearly over 480 points in the previous two sessions, rose by 128.92 points, or 0.72 per cent, to 18,007.73 in the first few minutes of trade on Monday.

In a similar fashion, the wide-based National Stock Exchange Nifty index rose by 39.60 points, or 0.73 per cent, to 5,413.30.

Brokers said investors indulged in selective buying of select available at attractive rates after the two-session losing streak.

Stocks of metals, consumer durables, auto and power firms were trading in the positive zone, helping the Sensex to trade higher, but state-run oil companies faced selling pressure as rising crude oil prices increased their financial burden on fuel subsidies.

In the Asian region, Hong Kong’s Hang Seng index rose by 1.30 per cent in morning trade Monday, while the U.S. Dow Jones Industrial Average ended 0.71 per cent higher in the previous session on Friday.