Mumbai: Snapping its three-day losing streak, the BSE benchmark Sensex recovered over 223 points in early trade Monday on emergence of buying by funds amid a firming trend in other Asian markets.
The 30-share index, which had lost nearly 674 points in the previous three sessions, recovered 223.26 points, or 1.10 percent, to 20,440.65, with stocks of banking, realty, oil and gas and FMCG sectors leading the recovery.
The National Stock Exchange Nifty moved up by 68.75 points, or 1.15 percent, to 6,064.20.
Brokers said emergence of buying by funds and retail investors amid a firming trend in other Asian bourses, after US markets hit another record high on Friday, mainly buoyed the trading sentiment here.
Besides, expectations of a drop in import bill after crude oil prices fell in the overseas markets, following a key deal between world powers and Iran on its controversial nuclear programme, also triggered buying activity, they said.
Stocks of state-run oil marketing companies such as Indian Oil rose 1.99 percent to Rs 204.70. Hindustan Petroleum rose 4.25 percent to Rs 211 and Bharat Petroleum gained 2.68 percent to Rs 341.60.
Reliance Industries shares also gained 1.27 percent to Rs 854.65.
In other Asian markets, Japan's Nikkei index rose by 1.36 percent, while Hong Kong's Hang Seng gained 0.56 percent in early trade today.
The US Dow Jones Industrial Average surged to yet another high by gaining 0.34 percent on Friday.