Sensex up 70 pts on value buying in opening trade

Mumbai: Keeping a positive momentum, the Sensex started off by edging up 70 points on Wednesday as domestic investors and retailers stepped up buying amid a mixed trend in Asia.

There was also a rush to cover short positions ahead of the December expiry of derivatives tomorrow -- this year's last -- which supported the upside.

The 30-share barometer rose further by 70.16 points, or 0.26 per cent, to 26,283.60.

The gauge had rallied 406.34 points in the previous session after Finance Minister Arun Jaitley underlined the need to have globally compatible tax rates to broad-base the economy.

Also, the NSE Nifty stayed above the crucial 8,000 mark, by gaining 24.75 points, or 0.30 per cent, at 8,057.60.

Japan's Nikkei turned higher by 0.03 per cent while Hong Kong's Hang Seng shed 0.10 per cent in early session Wednesday.

The Shanghai Composite Index was down 0.25 per cent. The US Dow Jones Industrial Average, however, ended 0.06 per cent higher Tuesday.