Mumbai (PTI): The Bombay Stock Exchange benchmark Sensex moved up by 289 points in early trade today on emergence of buying by funds in fundamentally strong shares.

The 30-share index, which fell nearly 850 points in the last two trading sessions, bounced back by 288.82 points to 16,896.83 in the first five minutes of trade.

Similarly, the National Stock Exchange index, Nifty, gained 86.10 points to 4,924.35 as heavy-weight stocks like Reliance Industries, Infosys and Tata Steel remained higher.

While the buying by funds in blue chip stocks brought recovery in the market, a firm global trend further fueled an upward march.