Bears overrun over initial gains

Bears overrun over initial gains

Mumbai:Volatility gripped the bourses on profit-taking, forcing the Bombay Stock Exchange bellwether Sensex to the negative zone, as it surrendered the early gains and fell by almost 95 points at 11:30am.

The Sensex, which rose by nearly 90 points in opening trade, fell by 94.98 points to 9,559.92 at 11:30am.

The broad-based National Stock Exchange Nifty also fell by 31.30 points at 2,896.95, after rising by over 17 points in the opening session.

Marketmen said apart from profit-taking by speculators, weakening trends on other Asian equity markets also cast its shadow over the trading sentiments on the domestic bourses.

Major losers, which brought the Sensex down, included Reliance Industries, ONGC, NTPC, Infosys Technologies, Satyam Computers, Tata Consultancy, Wipro, Bharti Airtel, BHEL, Larsen and Toubro, HDFC Ltd and ITC Ltd.

Sensex had gained over 89 points in the early trade, though alternate bouts of buying and selling by investors ahead of inflation data also saw some range-bound volatility on the bourse.

Early gainers among banking stocks included country’s largest lender State Bank of India, which gained Rs3.65, or 0.31% at Rs1,192.85, ICICI Bank rose by Rs9, or 2.25% at Rs408.95 and HDFC Bank moved up by Rs4.15, or 0.45% at Rs929.

Activity in the Mid-cap and Small-cap segments also picked up with their indices showing impressive gains.

However, Asian markets were narrowly mixed in early trade today after the US stocks showed stability last night.