Sensex regains 16K level, up 236 pts at midsession

The 30-share barometer, after gaining over 84 points in early trade, fell slightly but shot 236.06 points, to trade at 16,184.16 at midsession with all the sectoral indices, led by oil and gas, trading in the positive zone with gains of up to 2.02 per cent.

In similar fashion, the wide-based Nifty of the National Stock Exchange regained 4,900 mark by rising 72.20 points to trade at 4,907.85.

Stocks of state-run oil companies turned participants' fancy after the petrol price was raised by Rs 7.54 per litre, which would lower their subsidy burden.

BPCL up by 0.85 per cent to Rs 728.05, HPCL by 0.90 per cent to Rs 312, IOC by 0.24 per cent to Rs 274.10, while ONGC by 4.07 per cent to Rs 252.90, attributing major support the Sensex.

RIL stocks gained 0.92 per cent to Rs 693.50.

Brokers said trading sentiment turned better largely in line with recovery on the other Asian bourses following higher opening in the European markets.