Sensex rallied by almost 249 points in opening trade

Mumbai, Aug 30 : The Bombay Stock Exchange benchmark Sensex rallied by almost 249 points in opening trade today, extending yesterday''s gains on continued buying by funds, powered by a rally in global markets on better-than-expected US consumer spending data.

The 30-share index of the Bombay Stock Exchange, which had gained 567.50 points in yesterday''s trade, gathered another 248.82 points, or 1.52 per cent, to 16,665.15 in opening trade today.

Stocks of recently battered, realty, technology, banking and metal sectors, were back in the limelight on frenzied buying by funds as well as retail investors at attractive levels, lifting the benchmark Sensex notably higher.

They said, however, participants were cautious ahead of domestic quarterly economic growth data to be released later today.

In a similar fashion, the wide-based National Stock Exchange Nifty index inched towards the psychological 5,000 points, rose by 68.00 points, or 1.36 per cent, to 4,987.60 points.

Brokers attributed the rise in stock prices to increased buying by funds and retail investors, triggered by a rising trend on other Asian bourses following overnight gains in the US market as better-than-estimated consumer spending data bolstered the investor sentiment.

In the Asian region, Japan''s Nikkei index was trading 1.53 per cent higher, while Hong Kong''s Hang Seng moved up by 1.56 per cent in early trade today. The US Dow Jones Industrial Average ended 2.26 per cent higher in yesterday''s trade.

PTI