Mumbai: The benchmark S&P BSE Sensex erased initial gains by dropping 102 points in morning trade on Thursday due to fresh selling pressure from operators mainly in refinery, power, banking and consumer durable sectors amid weak global trends. The 30-share barometer Sensex resumed higher at 20,478.67 and firmed up further to 20,503.86 on initial buying in select counters amid fresh foreign capital inflows. However, it declined immediately to 20,346.97 due to fresh selling, showing a loss of 101.52 points or 0.50 percent from its last close. The NSE 50-share index Nifty also dropped by 29.10 points or 0.48percent to 6,054.90 at 10:30am.

Major losers were- Cipla 5.40 percent, Coal India 2.02percent, ONGC 1.52percent, HDFC 1.47percent, Tata Power 1.46percent, BHEL 1.30percent, Wipro 1.17percent, SBI 1.08percent and HDFC Bank 1.05percent. Asian stocks dropped in their early trade after the recent advances. Key benchmark indices in Japan, Hong Kong, South Korea, Indonesia and Taiwan fell by 0.06 to 0.98 percent; while indices in Singapore and China were up by 0.08 to 0.36 percent.

Read More: The Most Powerful Women In Finance 2014

Sensex Rises 85 Points To Close At 20,448.49