Mumbai: The BSE benchmark Sensex rose by nearly 124 points in opening trade on Wednesday, spurred by a firming trend in Asian markets.

The 30-share benchmark index, which lost 41.50 points in the previous session on Monday, recovered by 123.91 points, or 0.74 per cent, to 16,929.24 in opening trade.

In a similar fashion, the wide-based National Stock Exchange Nifty index moved up by 23.45 points, or 0.47 per cent, to 5,062.60.

Realty, auto, banking, capital goods and consumer durables stocks led the recovery.

Brokers said fresh buying by funds and retail investors amid a firming trend in other Asian markets ahead of a crucial European Union summit that will focus on tackling the eurozone's debt crisis gave a boost to the trading sentiment.

However, stocks of retail firms were under pressure after the government put its decision on FDI in multi-brand retail on hold.

 Stocks of Pantaloon Retail fell by 2.52 per cent to Rs 181.70, while Shoppers Stop was down by 2.20 per cent at Rs 357.90 in opening trade.

In Asia, Hong Kong's Hang Seng Index was up 0.77 per cent, while Japan's Nikkei Index rose by 0.72 per cent in morning trade on Wednesday. The US Dow Jones Industrial average ended 0.43 per cent higher in Tuesday’s trade.