Sensex erases initial gains, down 23 points

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The BSE Sensex erased its initial gains and was trading 23 points down on Monday due to selling pressure on FMCG, IT, teck and refinery stocks amid profit booking and weak cues from Asian markets.

However, there was buying in power, realty, metal, banking and PSU sectors.

The BSE 30-stock index Sensex resumed slightly higher at 18,756.31 and moved up to 18,811.13. Then, it touched a low of 18,687.60 before quoting at 18,729.91 at 10.45 am, down 22.92 points or 0.12 per cent from the weekend close.

The NSE 50-share Nifty also eased by 2.05 points or 0.04 pct to 5,689.10 at 10.45 am.

Marketmen said investors booked profits after a strong stock market rally last week amid a flurry of reforms measures by the government, including allowing FDI in multi-brand retail and in the aviation sector.

The Sensex gained 56.25 points, or 0.30 per cent, in the opening trade at 18,809.08, its highest level since July 2011. The index had gained almost 404 points on Friday.

Major losers were HUL (2.49 pc), ITC (1.68 pc), TCS (1.47 pc) and GAIL India (0.87 pc).

Main gainers were Jindal Steel (5.41 pc), BHEL (5.29 pc), Tata Power (4.04 pc) and Maruti Suzuki (1.97 pc).

Asian stocks were down in the early trade and key indices in Indonesia, Japan, Singapore, and South Korea shed up to 0.43 per cent. Markets in China, Hong Kong and Taiwan rose by up to 0.28 per cent.

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