Sensex cuts initial gains, Nifty holds 8,200-mark

Mumbai: As volatility struck bourses in late morning trade, Sensex surrendered early gains to dip below the key 27,000-mark — still quoting higher by 39 points, while Nifty was trading flat but held the crucial 8,200-level.

Buying was mainly seen in healthcare, FMCG and energy sectors while, power, metal, banking, IT, teck and basic material stocks countered losses.

The 30-share Sensex opened higher at 26,756.66 and hovered in a range of 26,769.32 and 26,608.96 before quoting 26,691.42 at 1045 hours, showing a rise of 38.61 points, or 0.14 per cent, from its last close.

The NSE 50-share Nifty was also trading marginally up by 3.10 points, or 0.04 per cent, to 8,227.60 at 1045 hours. Major gainers were, GAIL by 3.13 per cent, ONGC 1.82 per cent, Cipla 1.79 per cent, Dr Reddy 1.29 per cent, HDFC 1.27 per cent, Reliance 1.27 per cent and Lupin 1.26 per cent.

However, AsianPaint fell by 2.76 per cent, PowerGrid 2.11 per cent, Tata Motors 1.38 per cent, ICICI Bank 1.38 per cent, Bharti Airtel 1.08 per cent and SBIN 1.06 per cent.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 434.42 crore yesterday, as per provisional data released by the stock exchanges.

In overseas markets, Asian stock markets rose today as investor sentiment was boosted by news that the Organization of Petroleum Exporting Countries (OPEC) has reached a deal yesterday, to cut oil production.

US stocks ended on a mixed note yesterday, in a volatile session of trade. Stocks retreated from their earlier highs after the Beige Book suggested there were no signs of any post-election euphoria and that the economy was expanding moderately.