The BSE Sensex rose by over 57 points in opening trade today, extending Tuesday's rally on sustained buying after Moody's upgraded its rating of the country's short-term foreign currency bank deposits to investment grade amid hopes of a rate cut by the RBI. In addition, a firming trend on other Asian bourses supported the upside in stock prices. The 30-share benchmark index, which gained over 350 points in yesterday's trade, rose further to 16,222 in the opening trade today. In a similar fashion, the wide-based National StockExchange Nifty moved up by nearly 11 points, to 4,860.