Sensex trims initial losses, up 32 points in late morning trade

Mumbai: The benchmark BSE Sensex recovered form early losses, trading higher by 32 points in late morning deals, while the Nifty hovered around 8,100-level.

IT, Banking, Finance and Metals stocks were under pressure, while telecom, oil & gas, power, realty, energy, auto, FMCG and utilities sectors rose amid higher Asian cues.

The BSE mid-cap index and small-cap index was currently up 0.80 and 0.92 per cent, respectively. Both these indices outperformed the Sensex.

The 30-share Sensex resumed lower at 26,303.52 and hovered in a range of 26,368.50 and 26,183.33 before quoting 26,348.67 at 1100 hours, showing a rise of 32.33 points or 0.12 per cent from its last close.

The NSE 50-share Nifty was also trading up by 14.25 points or 0.18 percent to 8,128.55 at 1100 hours.

Major gainers were, Bharti Airtel 3.14 percent, PowerGrid 2.87 percent, Cipla 1.81 percent, HeroMoto 1.76 percent and Bajaj Auto 0.98 percent.

However, ICICI Bank fell by 1.79 percent, SBIN 1.55 percent, Wipro 1.10 percent, TCS 1.04 percent and Axis Bank 1.03 percent.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 372.88 crores last Friday, as per provisional data released by the stock exchanges.

In overseas markets, most Asian stocks were trading higher after oil prices slid on unease about this week's meeting of Organisation of the Petroleum Exporting Countries (OPEC) members to discuss possible output cuts.

US stocks ended a holiday-shortened session with gains last Friday, with major indexes extending their string of record closes and chalking up their third straight weekly advance.