Mumbai, Jan 19 (IANS): Key Indian equity indices opened higher on Tuesday after falling to a 20-month low the previous day as investors scouted for bargains at lower levels.

The 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 24,257.28 points, against the previous close at 24,188.37 points. After an hour into trading, the key index was quoting at 24,366.41 points, with a gain of 178.04 points, or 0.74 percent.

At the National Stock Exchange (NSE), the 50-share Nifty was quoting at 7,395.95 points, with a gain of 44.95 points, or 0.61 percent.

In an analysis ahead of the opening bell for Indian bourses, Angel Broking said in the European markets, which had closed flat on Monday after volatile trade, investors had remained nervous on Monday, ahead of the Chinese economic growth data and a further fall in crude prices.

"Indian markets once again saw a sharp cut in the last hour of trade after trading choppy earlier in the day. Energy stocks took a beating led by fall in crude prices with the index bellwether Reliance Industries taking a sharp cut," the brokerage said.

In fact the selling frenzy in India led both the bellwether indices of the Indian equity markets to end the day's trade at levels last seen during May 2014. They even touched their new 52-week low during the intra-day trade.

The Sensex closed lower 1.09 percent while the Nifty had ended with a loss of 1.17 percent.