MUMBAI: The major stock index Sensex gained over 100 points in early trade on Wednesday, due to the strengthening of banking stocks and continued inflow of foreign funds. The BSE Sensex was trading up 98.93 points or 0.25 percent to 38,942.81 after touching an upper level of 38,980.60 in the opening session. The NSE Nifty, on the other hand, was up 35.40 points or 0.31 percent at 11,507.65.

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The Sensex recorded the maximum gain of four percent in Bajaj Auto. Apart from this, Bajaj Finserv, IndusInd Bank, M&M, PowerGrid, Bajaj Finance, Axis Bank, Kotak Bank and ICICI Bank have also gained strength. On the other hand, Bharti Airtel, Asian Paints, HCL Tech, HDFC and TCS have recorded a decline. Earlier, the Sensex had gained 44.80 points or 0.12 percent to close at 38,843.88 points in the previous session, while the Nifty gained 5.80 points or 0.05 percent to close at 11,472.25.

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According to stock market data, foreign institutional investors bought equity worth Rs 1,481.20 crore on a gross basis on Tuesday. Traders said that despite the declining trend in Asian stocks, strong indices in banking stocks rose in early trade due to the strength in banking stocks. He said that market sentiment was also strengthened due to the continuous inflow of foreign funds.

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