Mumbai: The Bombay Stock Exchange benchmark Sensex rose by over 118 points in opening trade on Wednesday, extending Tuesday's gains on a fresh spell of buying by funds amid a firming trend on other Asian bourses.

The 30-share index of the Bombay Stock Exchange, which gained 53.67 points in Tuesday's trade, moved up further by 118.56 points to 17,678.86 in opening trade, with IT, oil and gas, metals, banking and auto stocks rising.

In a similar fashion, the wide-based National Stock Exchange Nifty index spurted by 34.65 points to 5,310.50.

Brokers attributed the rise in stock prices to increased buying by funds and retail investors, driven by a firming trend on other Asian bourses following overnight gains in the US market after the Greek government won a crucial confidence vote as it struggles to pursue reforms critical for a new euro zone bailout package.

Japan's Nikkei index was trading 1.30 percent higher, while Hong Kong's Hang Seng rose 0.67 percent in early trade on Wednesday.

The US Dow Jones Industrial Average ended 0.91 percent higher in Tuesday's trade.