Sensex gains 120 points in opening trade on easing inflation

Mumbai, Feb 18 (PTI) The Sensex rose by almost 120 pointsin opening trade on the Bombay Stock Exchange today oncontinued bargain buying at lower levels, with the tradingsentiment boosted by easing food inflation.

The Sensex, which has gained nearly 1,045 points in thepast five sessions, shot up by 119.85 points, or 0.65 percent, to 18,626.67 today. Capital goods, oil and gas andbanking stocks led the rally.

Similarly, the broad-based National Stock Exchange Niftyindex gained 29.60 points, or 0.60 per cent, to 5,576.05points.

Brokers said the availability of several stocks atattractive levels and a fall in food inflation provided muchneeded support to the market.

In addition, covering-up of pending short positions byspeculators also supported the rally in the market, they said.

In the Asian region, Hong Kong''s Hang Seng index was upby 0.48 per cent, while Japan''s Nikkei index remained almostflat in early trade today.

The US Dow Jones Industrial Average ended 0.24 per centhigher in yesterday''s trade.