Sensex washes out initial gains, declines 29 points
Mumbai: The S&P BSE benchmark sensex washed out initial gains and was quoted lower by 29 points in the late morning trade on mild selling pressure ahead of the expiry of November contract tomorrow amid mixed Asian cues.
Fresh capital outflows from foreign funds also affected the market sentiment. Foreign institutional investors (FIIs) sold shares worth a net Rs 339.16 crore as per provisional data from the stock exchanges.
Shares of Banking, Realty, Power and IT sectors declined on mild selling pressure.
The BSE benchmark sensex resumed higher at 20,449.00 and firmed up further to 20,482.67 on initial buying enquiries. However, it declined afterwards to 20,394.27 before quoting at 20,396.47 at 1030hrs, showing a loss of 28.55 points or 0.14 per cent from its last close.
The NSE 50-share Nifty also moved down by 12.35 points or 0.20 per cent to 6,046.75 at 1030hrs.
Major losers were Bharti Airtel (1.76 pct), SSLT (1.56 pct), HDFC Bank (0.85 pct), HDFC (0.78 pct), BHEL (0.71 pct) and Sun Pharma (0.63 pct).
Most Asian stocks rose in their early trade as US data later in the day, according to experts, could signal a mixed recovery in the world's biggest economy, damping prospects the Federal Reserve will start reducing stimulus this year.
Key benchmark indices in China, Indoensia, Hong Kong and Taiwan were up 0.32 pct to 0.75 pct while indices in South Korea, Singapore, and Japan were off 0.18 pct to 0.4 pct.