Sensex gives up early gains, trips 27 points

In a volatile market, the benchmark BSE Sensex washed out initial gains and was quoted lower by 27 points at 27,537.61 in the late morning session due to fresh selling pressure, mainly in healthcare and metal, on the back of fresh foreign capital outflows. Stocks may remain volatile today in view of expiry of May contracts in the futures and options (F&O) segment today.

Foreign portfolio investors net sold shares worth Rs 934.98 crore yesterday, according to provisional data. The Sensex resumed higher at 27,619.31 and firmed up to a high of 27,666.37 on initial buying on the back of overnight gains in the US market.

However, it slipped immediately to 27,525.15 before quoting at 27,537.61 at 1100 hours, a loss of 27.05 points, or 0.10%, from its last close.

The 50-share Nifty also moved down 14 points, or 0.17%, to 8,320.60 at 1100 hours.

Top losers were Hindalco (1.75%), M&M (1.64%), Tata Power (1.52%), Cipla (1.36%), HDFC (1.30%), Bharti Airtel (0.99%), ONGC (0.95%) and SBI (0.89%).

In overseas markets, Asian stocks were trading mixed today. US stocks closed higher yesterday recovering from Tuesday's sell-off as encouraging Greece headlines boosted investor sentiment amid a slight pause in the dollar and yield climb.

Key indices in Japan, Taiwan and South Korea were up between 0.41% to 0.63% while those in China, Hong Kong and Singapore were down 0.08% to 1.4%.

Bombay Stock Exchange - BSE