Sensex trims initial gains; up 33 pts in late morning deals
Mumbai: Erasing most of its early gains, the BSE benchmark Sensex was trading higher by 33 points in the late Monday morning trade on buying in IT, Capital Goods, Teck and Auto counters despite selling in Consumer Durable and Helathcare counters.
Shares of IT companies firmed up due to depreciation of rupee value against the dollar.
The 30-share index resumed higher at 19,530.35 and moved up further to 19,585.75 on strong buying. However, it declined afterwards to 19,419.07 before quoting at 19,462.56 at 1100 hrs still showing a gain of 33.33 points 0.17 percent from its last weekend's level.
The NSE 50-share Nifty also moved up by six points, or 0.10 percent, to 5,887.00 at 1100hrs.
Major gainers were Wipro (2.06 percent), Hero Motocorp (2.00 percent), NTPC (1.32 percent), M&M (1.28 percent) Bajaj Auto (1.20 percent) and TCS (0.98 percent).
However, Sun Pharma moved down by 1.87 percent, Bharti Airtel 0.97 percent and ICICI Bank 0.84 percent.
Foreign institutional investors (FIIs) bought shares worth a net Rs 157.90 crs on last Friday as per provisional data from the stock exchanges.
Most Asian stocks edged higher in the early trade after a report showed the US added more workers than expected. Key benchmark indices in Hong Kong, Japan, Singapore, Taiwan and South Korea rose by 0.44 percent to 3.38 percent.
US stocks ended higher on last Friday after US jobs data eased investors' worries that the Federal Reserve may be reducing its stimulus program in the near future.