Sensex cuts initial gains, up 100 points in late morning

Mumbai: The benchmark BSE Sensex retreated from record level, still trading up by 107 points in late morning trade due to profit booking mainly in energy and
select banking and financials stocks. Metals, Tech, auto, telecom, healthcare and FMCG stocks continued to gain helping the index trade in the green.

Both the Sensex and the Nifty had hit record high in early trade. Positive trade data and encouraging comments from IMF chief on the outlook for Indian economy cheered investors. Also, market sentiment was buoyant in a truncated trading week ahead of Diwali.

The 30-share Sensex, resumed higher at 32,488.23 and hovered in a range of 32,687.32 and 32,445.43 before quoting 32,540.47 at 1130 hours, still showing a rise of 107.78 points or 0.33 per cent from its last close.

The NSE 50-share Nifty was also trading up by 34.20 points or 0.34 per cent to 10,201.65 at 1130 hours. Major gainers were, BhartiAirtel 2.05 pct, Cipla 2.04
pct, Tata Motors 1.78 pct, Hindunilever 1.72 pct, M&M 1.61 pct, TataMtrDvr 1.45 pct and Dr Reddy 1.28 pct. However, Axis Bank fell 2.07 pct, Reliance by 1.11 pct and SBIN 0.51 pct.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1698.50 crore last Friday, as per provisional data released by the stock exchanges.

Domestic institutional investors (DIIs) bought shares worth a net Rs 1590.13 crore, as per provisional data. In overseas markets, Asian stocks edged higher as investors digested the release of China inflation data.