Sensex fails to maintain initial gains on weak global cues
The BSE benchmark Sensex was down by 111 points in early trade on Thursday after initial gains were wiped out by fresh selling pressure in refinery, IT and PSU stocks amid weakness in global markets.
The BSE benchmark Sensex resumed lower at 16,754.68 and hovered in a range between 16,799.27 and 16,656.92 before quoting at 16,664.15 at 1015 hours, a net loss of 111.72 points, or 0.67 per cent, from its last close.
The NSE's 50-share Nifty index also fell by 36.10 points, or 0.72 per cent, to 4,994.35.
The major losers in early trade were Coal India (down 3.20 per cent), Reliance Industries (2.47 per cent), Maruti Suzuki (1.73 per cent), Tata Motors (1.51 per cent), Infosys (1.13 per cent), Wipro (1.13 per cent) and Jindal Steel (1.00 per cent).
In contrast, Cipla gained 2.27 per cent, Hero MotoCorp rose by 0.91 per cent, Sunpharma by 0.87 per cent and State Bank Of India by 0.74 per cent.
Foreign institutional investors (FIIs) sold shares worth Rs 488.89 crore yesterday as per provisional data from the stock exchanges.
Meanwhile, Asian stocks declined in early trade as worries about Europe's debt troubles depressed the sentiment across the region.
The key benchmark indices in Hong Kong, Singapore, Japan, and Taiwan were down by between 0.32 per cent and 0.95 per cent, while indices in China and South Korea rose were up by between 0.03 per cent and 0.23 per cent.
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