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Sensex up 116 pts, Nifty above 11,550 mark

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Mumbai, March 22 (IANS) The Sensex and Nifty opened higher on Friday following firm Asian markets along with gains in the pivotal banking stocks.

Sentiments continued to be upbeat on Friday over sustained inflows of foreign funds which has supported the equities and the domestic currency alike.

The rupee gained against the US dollar and selling in export-oriented IT and technology stocks was, hence, seen during the early trade.

Almost all other sectoral indices traded in the green.

The Sensex of the BSE opened at 38,452.47 from its previous close at 38,386.75 on Wednesday.

Markets were closed on Thursday on the occasion of Holi.

At 9.19 a.m., the Sensex traded at 38,502.86 up 116.11 points or 0.30 per cent.

The Nifty of the National Stock Exchange (NSE) opened at 11,549.20 after closing at 11,521.05 on Wednesday.

The Nifty traded at 11,554.95 during the morning trade session, up 33.90 points and 0.29 per cent.

Foreign Institutional Investors bought stocks worth Rs 1,771.61 crore on Wednesday while Domestic Institutional Investors sold scrips worth Rs 1,323.17 crore.