Erasing early losses, the Bombay Stock Exchange's benchmark index, Sensex, rose by almost 116 points in morning trade today as speculators covered pending short positions amid selective buying by funds. The index, which lost 56.74 points in opening trade, bounced back by 115.91 points, or 0.70 per cent, to reach 16,503.75 points at 1045 hrs. Auto, capital goods and oil and gas sector stocks led the recovery.
Similarly, the wide-based National Stock Exchange index Nifty rose 32.25 points, or 0.65 per cent, to 4,949.65 points. Brokers said apart from covering up of outstanding short positions by speculators -- with today being the last session of monthly expiry in the derivatives segment -- buying by funds at select counters also helped stocks reverse the weak trend that had set in earlier in the day.
They added reports of a rebound on the other Asian bourses also influenced the trading sentiment. In the auto segment, Mahindra and Mahindra was being traded 2.95 per cent higher at Rs 534.75 after the company acquired a majority stake in electric car-maker REVA. Other gainers were Tata Motors, up 1.78 per cent at Rs 721.90, and Maruti Suzuki, which rose 0.76 per cent to Rs 1,208.40.
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