Sensex trims initial gains, still up by 47 points

Mumbai: The S&P BSE benchmark trimmed its initial gains but was still quoted higher by 47 points in the morning trade on buying, mainly in healthcare, consumer  durables, banking and refinery counters on easing of inflation  despite selling in realty counter. 

The Sensex resumed higher at 26,537.42 and hovered in a range of 26,550.79 and 26,325.39 before quoting at 26,428.71, showing a gain of 46.64 points, or 0.17 per  cent from its last close.  The CNX 50-share Nifty also moved up by 6.70 points, or 0.08 pct, to 7,890.95 at 1000 hours. 

Major gainers were Bajaj Auto (2.47 pct), Axis Bank  (1.69 pct), Bharti Airtel (1.46 pct), Reliance Ind (1.24 pct), SBIN (1.16 pct) and Sun Pharma (1.10 pct).  However, Tata Steel dropped by 1.25 pct, SSLT 1.10 pct  and Hindalco Ind 1.03 pct.  Sentiments were also boosted by the retail inflation  dropping to 6.46 per cent in September on falling prices of  fruits and vegetables, the lowest since India started  computing Consumer Price Index (CPI) in January 2012. 

Asian shares were trading higher in early trade despite stocks US stocks posting their third straight decline  as investors awaited earnings and fretted about signs of  slowing global growth. Key indices in China, Hong Kong, Taiwan, Singapore and South Korea were up by 0.14 pct to 0.67 per cent while Japan's Nikkei 225 was down 1.67 pct.  Meanwhile, the provisional data released by the stock exchanges, showed that foreign portfolio investors (FPIs) sold shares worth a net Rs 671.06 crore yesterday.