Sensex, Nifty turn choppy as IT, pharma stocks fall

Mumbai: The BSE benchmark Sensex pared early gains and turned choppy after opening over 200 points higher on Monday, led by fall in IT and pharma stocks amid strengthening rupee.

The 30-share Sensex pared early gains and was trading 4.38 points, or 0.01 per cent, higher at 34,985.40. The NSE Nifty too witnessed similar movement, and was trading 10.15 points, or 0.09 per cent, higher at 10,536.75.

Infosys, TCS and Sun Pharma were the biggest contributors to the losses on bourses in early trade, falling up to 2.13 per cent. Yes Bank, Adani Ports, ONGC, Vedanta and Kotak Bank were among other lop losers, dropping up to 5.55 per cent.

On the other hand, Bharti Airtel, Axis Bank, Asian Paints, HDFC and PowerGrid rose up to 1.77 per cent. Investors also booked profits at higher levels after indices opened on a strong note.

Rising for the eighth straight day, the rupee climbed 39 paise to 70.30 against the US dollar in early trade Monday, as global crude prices slipped below the USD 60 per barrel mark and was trading at USD 59.47 per barrel.

On a net basis, foreign portfolio investors (FPIs) bought Rs 446 crore worth of domestic stocks on Thursday and domestic institutional investors (DIIs) were net buyers to the tune of Rs 49.68 crore, provisional data available with BSE suggested.

Elsewhere in Asia, Japan's Nikkei rose 0.65 per cent, Taiwan's benchmark index was up 0.83 per cent, and Shanghai Composite Index rose 0.29 per cent.

Meanwhile, the Dow Jones Industrial Average fell 178.74 points, or 0.73 percent, to 24,285.95 on Friday as the US energy sector tumbled on continued weakness in oil prices.