Sensex trims initial sharp gains, still up by 155 points
Mumbai: The BSE benchmark Sensex today trimmed its initial sharp gains but managed to trade higher by 155 points in the late morning trade on buying mainly in Healthcare, FMCG, Consumer Durable, Banking and IT sectors on the back persistent foreign capital inflows.
Hopes of a rate cut by the Reserve Bank Of India in its monetary policy review next week also boosted the market sentiment.
Foreign institutional investors (FIIs) bought shares worth a net Rs 698.23 crore yesterday as per provisional data from the stock exchanges.
The BSE benchmark Sensex resumed higher at 19,466.29 and shot up further to a high of 19,612.18 but declined afterwards to 19,564.78 at 1025 hrs, still showing a gain of 155.09 points, or 0.80 percent from its last close.
The NSE 50-share Nifty also moved up by 41.10 points, or 0.70 percent, to 5,950.00 at 1025 hrs.
Major gainers from the Sensex pack were Sun Pharma (3.48 percent), HUL (2.21 percent), Jindal Steel (1.98 percent), Icici Bank (1.96 percent) and Bajaj Auto (1.88 percent).
Asian stocks showed a mixed trend in the early trade amid signs of progress in talks over the US fiscal cliff of billions of dollars in upcoming tax hikes and spending cuts in the world's biggest economy.
Key benchmark indices in Hong Kong, Singapore and South Korea rose by between 0.18 percent to 0.46 percent while indices in China, Japan, and Taiwan shed by between 0.23 percent to 0.41 percent.