Sensex gives up early gains, down 178 points in late morning

Mumbai: The BSE benchmark sensex gave up earlier gains and was quoting lower by 177.88 points at 28,821.68 in late morning trade on fresh selling pressure mainly in Banking, Energy, IT, Telecom, Metal and Refinery sectors amidst mixed global cues.

The Sensex resumed higher at 29,021.06 and firmed up further to a high of 29,022.32 on initial buying on the back of strong foreign capital inflows.

However, it dropped afterwards to 28,821.68 at 1130 hrs, showing a loss of 177.88 points or 0.61 per cent.

The NSE 50-share Nifty also eased by 54.60 points or 0.61 per cent to quote at 8,892.30 at 1130 hrs.

Foreign funds bought shares net of Rs 920.46 crore yesterday as per the provisional figures issued by stock exchanges.

Major losers were Infosys 1.24 pct, HUL 0.70 pct, Maruti 0.84 pct, Axis Bank 1.90 pct and Tata Motors 0.96 pct, Adani Ports 2.16 pct, ONGC 1.66 pct, ICICI Bank 0.92 pct Tata Steel 1.95 pct and RIL 0.75 pct.

Overseas, Asian equities were mixed in early trade amid mounting geopolitical risks in the region and rising expectations that the Federal Reserve would tighten monetary policy next week.

US stocks closed lower yesterday on likely tighter monetary policy and the Republicans' legislation to repeal and replace Obamacare.