Sensex down 93 pts in late morning deals

Sensex down 93 pts in late morning deals Mumbai: Erasing early gains, the BSE benchmark Sensex lost 93 points in the late morning trade due to fresh selling pressure mainly in consumer durables, auto, metal and banking sector stocks, amid weak Asian cues.

The 30-share barometer resumed slightly higher at 19,367.26 and moved up further to 19,419.11. But declined afterwards to 19,179.33 before quoting at 19,269.26 at 1030 hrs, a net loss of 93.29, or 0.48 percent, from Wednesday's close.

The NSE 50-share Nifty also declined by 28 points, or 0.48 percent, to 5,823.20 at 1030 hrs.

Major losers were Bharti Airtel (2.25 percent), Gail India (2.02 percent), Tata Motors (1.85 percent), HDFC Bank (1.54 percent), Bajaj Auto (1.50 percent) and Jindal Steel (1.44 percent).

Asian stocks edged lower in their early trade led by material producers and Chinese developers, as concern about property curbs in the world's No.2 economy overshadowed reports on US retail and Australian jobs that exceeded estimates.

Key benchmark indices in Hong Kong, Singapore, Taiwan and South Korea fell by 0.28 percent to 1.46 percent, while indices in China and Japan rose by 0.14 percent to 0.22 percent.

Meanwhile, foreign institutional investors bought shares worth a net Rs 303.83 crore Wednesday as per provisional data from the stock exchanges.

PTI