Bombay Stock Exchange benchmark Sensex up 171 points

At 2.25 p.m. on Wednesday, the Sensex rose 170.56 points at 16,558.40. The Nifty rose 50.50 points at 4,967.90.

Erasing early losses, the Bombay Stock Exchange benchmark Sensex rose in morning trade today as speculators covered pending short positions amid selective buying by funds.

The Sensex, which lost 56.74 points in opening trade, bounced back to trade 115.91 points, or 0.70 per cent, higher at 16,503.75 points at 10.45 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 earlier in t he day. Read more from: thehindubusinessline.com