Mumbai: Market benchmark BSE Sensex pared its initial gains to trade in red by declining 84.93 points following selling in IT, teck, telecom, consumer durables, oil&gas and energy sectors amid lower Asian cues. Caution prevailed on weak regional cues on fears of Fed rate hike after sharp drop in weekly US jobless claims.
However, Industrials, FMCG, auto, metal and realty witnessed buying interest. The 30-share index resumed higher at 28,129.22 and hovered between 28,155.68 and 28,043.29 before quoting at 28,021.28 at 1200 hours, down 84.93 points, or 0.30 per cent from its last close.
The NSE 50-share Nifty was also trading lower by 28.85 points, or 0.33 per cent, to 8,680.70. Major losers were Asian Paint 1.32 per cent, followed by HDFC 1.21 per cent, Infy 1.04 per cent, Bajaj-Auto 1.03 per cent, Cipla 0.99 per cent and HUL 0.89 per cent. Notable gainers were Tata Steel 1.84 per cent, Tata Motors 1.64 per cent, M&M 0.96 per cent and Lupin 0.59 per cent.
Foreign portfolio investors (FPIs) bought shares worth net Rs 353.80 crore yesterday, showed provisional data. Overseas, Asian stocks were trading lower as investors looked ahead to a key employment report.
Markets in China remained closed for the Golden Week public holidays. US stocks closed near the flatline yesterday, as investors abstained from making big bets ahead of much-anticipated September jobs report.
