Sensex cuts initial gains, still up by 50 points in late morning

PTI

Business, Market

NSE 50-share Nifty trading up by 17.00 points or 0.17 per cent to 10,163.55.

The S&P BSE Mid-Cap index rose 0.46 per cent and the S&P BSE small-cap index also gained 0.12 per cent.

Mumbai: The benchmark Sensex erased some of its initial gains following mild selling mainly in auto, finance and capital goods stocks.

The 30-share Sensex resumed higher at 32,411.86 and hovered in a range of 32,614.89 and 32,393.33 before quoting 32,439.12 at 1100 hours, a rise of 49.16 points or 0.15 per cent.

The S&P BSE Mid-Cap index rose 0.46 per cent and the S&P BSE small-cap index also gained 0.12 per cent. The NSE 50-share Nifty was also trading up by 17.00 points or 0.17 per cent to 10,163.55.

Major gainers were Bharti Airtel (2.76 per cent), HeroMotco (1.55 per cent), ICICI Bank (1.49 per cent), Reliance (1.44 per cent), Adaniport (1.39 per cent), Coal India (1.33 per cent) and Sunpharma (1.28 per cent).

However, Axis Bank fell by 1.74 per cent followed by TataMtrDvr 1.47 per cent, HDFC 1.28 per cent and Bajaj Auto 1.27 per cent. Foreign portfolio investors (FPIs) sold shares worth a net Rs 43.74 crore last Thursday, as per provisional data released by the stock exchanges.

Domestic institutional investors (DIIs) bought shares worth a net Rs 40.78 crore. Most of Asian stocks gained as the dollar spiked to more than three-month highs against the yen following a snap election in Japan on Sunday.

Wall Street stocks surged to fresh records last Friday, after US lawmakers took a key step toward enacting the tax reform plan sought by President Donald Trump.

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