Sensex pares initial gains, down 30 points

The market benchmark Sensex erased initial gains in late morning deals following emergence of selling in sectors like IT, teck, energy, telecom and realty. On the other hand, metal and healthcare stocks witnessed sustained buying. Cautious trade in global markets ahead of the UK elections and testimony from sacked FBI head James Comey on his probe into Donald Trump’s links to Russia also influenced sentiment, brokers said.

The BSE 30-share Sensex resumed higher at 31,316.91 and moved between 31,354.51 and 31,214.35. It was quoting at 31,240.85 at 1100 hours, down 30.43 points, or 0.10 per cent. The NSE 50-share Nifty also eased by 10.15 points, or 0.11 per cent, at 9,653.75 at 1100 hours.

Major losers were, GAIL 3.12 per cent, TCS 2.43 per cent, Adaniports 1.79 per cent, ONGC 1.62 per cent and HeroMotoco 1.07 per cent. However, Tata Steel rose by 3.48 per cent followed by Dr Reddy 3.15 per cent, HDFC 1.83 per cent and Sunpharma 1.58 per cent.

Meanwhile, Foreign portfolio investors (FPIs) bought shares worth a net Rs 73.79 crore yesterday, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) had also bought shares worth a net Rs 166.22 crore as per provisional data.

Overseas, most Asian stocks gained ahead of a number of news events with global implications. Later today, elections in the UK will get under way, the European Central Bank will hold its meeting.

Bombay Stock Exchange - BSE

National Stock Exchange of India Ltd (NSE)