Sensex pares initial losses; hovering around 18,400

Sensex pares initial losses; hovering around 18,400 Mumbai: The BSE benchmark Sensex gained over 70 points in early trade Wednesday on the back of gains in stocks of IT, oil and gas and metal sectors, amid a firming Asian trend.

The 30-share barometer, which had lost 9.68 points in yesterday's volatile trade, recovered by 72.88 points, or 0.40 percent, to 18,402.20.

Similarly, the wide-based National Stock Exchange index Nifty moved up by 21.55 points, or 0.39 percent, to 5,593.10.

Brokers said selective buying by major players amid a firming trend in Asian markets on hopes that the United States will avoid a 'fiscal cliff' and Greece will get its much-needed bailout, helped trading sentiments improve.

Meanwhile, in Asia, Hong Kong's Hang Seng index rose by 0.67 percent, while Japan's Nikkei by 1.02 per cent in early trade today.

The US Dow Jones Industrial Average ended 0.06 percent lower in yesterday's trade.

PTI