Mumbai: The BSE benchmark, Sensex, gained over 84 points in early trade, with shares of oil companies leading the recovery amid buying by funds and retail investors at prevailing levels. The 30-share barometer, which had lost 235 points in the last two trading sessions, recovered by 84.29 points or 0.53 percent, to 16,032.39. The wide-based National Stock Exchange index Nifty also moved up by 18.95 points or 0.39 percent, to 4,854.60. Brokers said besides buying by funds and retail investors, flat closing on the U.S. market after initial losses in Wednesday's trade helped sentiments to improve. Stocks of oil marketing companies were in demand following a steep hike in petrol prices which would reduced subsidy burden and improve their earnings, helping Sensex to trade in the positive zone. The oil and gas sector index rose by 1.59 percent to 7,553.52 points as shares of BPCL gained 3.06 percent, Oil India was up 4.02 percent, ONGC rose 2.43 percent and Reliance Industries gained 0.34 percent. In Asia, Hong Kong's Hang Seng Index shed 0.15 percent, while Japan's Nikkei index was down 0.24 percent in the morning trade.