Sensex fails to maintain initial gains, turns choppy
Mumbai: The BSE Sensex failed to maintain initial gains and was trading 14 points down Tuesday due to fresh selling pressure -- mainly in metals, realty, auto and banking sectors amid mixed trend in the Asian markets.
The BSE 30-stock index resumed higher at 18,708.01 and rose further to 18,790.01. But it declined immediately to 18,651.22 before quoting at 18,659.68 at 1030 hrs, down 13.66 points of 0.07 percent from its last close.
The NSE-50 share Nifty also moved down by 13.45 points or 0.24 percent to 5,656.15 at 1030 hrs.
However, shares of power companies, including equipment makers, rose as the Cabinet Committee on Economic Affairs last evening announced a scheme for financial restructuring of ailing state distribution companies (Discoms).
Foreign institutional investors (FIIs) bought shares worth a net Rs 1595.72 crore yesterday as per the provisional data from the stock exchanges.
Major losers were Jindal Steel (2.80 percent), Tata Steel (1.64 percent), Tata Motors (1.44 percent), HDFC Bank (1.23 percent), Bharti Airtel (1.17 percent), Sterlite (1.16 percent) and Hero Motoco (1.05 percent).
Asian stock markets were mixed in the early trade. Key indices in China, Hong Kong, South Korea and Taiwan shed up to 0.46 per cent, while indices in Indonesia, Japan and Singapore rose by up to 0.17 percent.