Sensex Fails To Maintain Initial Gains, Drops 107 Points

Mumbai: The benchmark S&P BSE Sensex erased initial gains and was down 107 points in late morning trade amid capital outflows from foreign funds and overnight losses in the U.S. stock markets.

Foreign institutional investors sold shares worth a net 318.91 crore, according to provisional data from the stock exchanges.

The Sensex opened higher at 20,845.77 and moved up to 20,890.48 on strong buying. However, it declined afterwards to 20,637.18 and quoted at 20,680.69 at 1030 hrs, a drop of 106.61 points, or 0.51 percent, from the previous close.

The 50-share CNX Nifty on the National Stock Exchange declined 41.50 points, or 0.67 percent, to 6,149.75 at 1030 hrs.

The major losers were Axis Bank (-2.74 percent), Tata Power (-1.59 percent), ONGC (-1.32 percent), Wipro (-1.32 percent), Hindalco (-1.27 percent), SBI (-1.23 percent) and HDFC Bank (-0.91 percent).

Asian stocks edged higher in early trade after Janet Yellen won U.S. Senate confirmation yesterday to become the first woman to head the U.S. Federal Reserve.

Key indices in Taiwan, Hong Kong, China, Singapore and South Korea rose, while indices in Japan and Indonesia fell.

U.S. stocks closed lower, with the S&P 500 index falling for the third consecutive session after weaker-than-expected services sector data.

Source: PTI