Mumbai: Taking cues from weaker Asian peers, and as investors digest a hefty rate increase by the Reserve Bank of India (RBI), Sensex on Wednesday opened over 62 points higher on selective buying by funds and retail investors.

The 30-share index of the Bombay Stock Exchange, which lost 16.19 points in the previous volatile session, recovered by 62.23 points, or 0.33 per cent, to 18,575.00 in the first few minutes of trade on Wednesday, with auto, metals, banking and realty stocks leading the recovery.

Similarly, the wide-based National Stock Exchange Nifty index also moved up by 15.60 points, or 0.28 per cent, to 5,556.85.

Brokers attributed the rise in select stocks to fresh buying by funds and retail investors, driven by a firming trend on other Asian bourses following overnight gains in the US market.

Japan's Nikkei index was trading 0.65 per cent higher, while Hong Kong's Hang Seng Index gained 0.28 per cent in early trade on Wednesday. The US Dow Jones Industrial Averaged ended 0.60 per cent higher in Tuesday’s trade.