Mumbai: The BSE benchmark Sensex rallied by over 320 points in opening trade on Wednesday, led by financial stocks on the back of a fresh spell of buying by funds and retail investors influenced by a firming trend in global markets.

The 30-share index, which has lost 827.41 points over the course of a five-session losing streak, recovered by 320.10 points, or 2.10 per cent, to 15,495.18 in opening trade today amid a rally in financial, realty, metal, auto and capital goods stocks.

In a similar fashion, the wide-based National Stock Exchange Nifty index gained 97.10 points, or 2.13 per cent, to 4,641.30.

Brokers attributed the rise to a firming trend in Asia in the wake of a higher close in the US market yesterday after the release of upbeat economic data. Nevertheless, the trading sentiment remained cautious due to the weak domestic economic growth outlook.

"Today's rebound seems to be technical as most of the stocks were oversold in the past several sessions," said a stockbroker.

In Asia, Japan's Nikkei Index rose by 1.32 per cent in morning trade on Wednesday. In the US, the Dow Jones Industrial Average closed 2.87 per cent higher in Tuesday’s trade.