New Delhi: Indian shares erased gains of as much as 1.3% and turned negative on Wednesday, as investors booked profits for a third session after the market jumped more than a third over the previous six weeks.
At 11:50am, the 30-share BSE index was up 0.1% at 10,913 points, with 17 stocks gaining. It had edged down 0.09%. The 50-share NSE Nifty was down 0.4% at 3,352 points.
The Bombay Stock Exchange benchmark Sensex rebounded to trade over 112 points up in early trade today on fresh capital inflows by foreign funds.
The BSE 30-share barometer, which had lost nearly 125 points in the past two sessions, climbed 112.85 points to 11,010.93 points in early trade with realty, banking, metal and auto-sector stocks leading the recovery.
The wide-based National Stock Exchange’s Nifty rose 30 points to 3,395.30 points.
Banking and realty-sector stocks were in a good shape in the morning session after the Reserve Bank of India announced a cut in key short-term lending and borrowing rates by 25 basis points each in its annual credit policy yesterday.
Buying activity re-emerged following overnight gains on the US markets and expectations that the rally would continue, stock brokers said.
Meanwhile, the US Dow Jones Industrial Average closed 1.63% higher yesterday, while Japan’s Nikkei rose 0.15 per cent in early trade today.