Sensex surrenders early gains, trades flat

Mumbai, Oct 21 –  The S&P BSE benchmark Sensex failed to maintain initial gains and was quoted slightly lower in the morning trade on mild selling pressure mainly in consumer durables, IT and tech counters.

The 30-share index opened higher at 20,915.76 and moved up to 20,970.92 on buying in capital goods, auto and realty shares on the back persistent capital inflows from foreign funds coupled with higher global cues.

However, it later dropped to 20,831.17 and was quoted at 20,833.52 at 1030hrs, showing a marginal loss of 7.72 points, or 0.04 per cent, from its last weekend's level.

However, the 50-share NSE benchmark Nifty looked up by 8.95 points, or 0.14 per cent, to 6,198.30 at 1030 hrs.

Major losers were TCS (1.85%), Jindal Steel (1.17%), ITC (1.16%), HDFC Bank (1.15%) and HDFC (1.13%).

However, L&T rose by 4.32% followed by Maruti 3.67%, Hindalco Ind 2.57%, Tata Motors 2.55%, SSLT 1.64%, Cipla 1.58%, Gail India 1.23% and M&M 1.22%.

Foreign institutional investors (FIIs) bought shares worth Rs 1752.98 crore on last Friday, according to provisional data from the stock exchanges.

Asian markets rose in early session as traders continued buying spree that began last week on bets that US Federal Reserve will continue its monetary stimulus for the world's largest economy.

Key benchmark indices in Singapore, Hong Kong, China, Indonesia and Japan rose between 0.1% and 1.13%, while indices in South Korea and Taiwan fell between 0.12% and 0.21%.

 

Source: TOI