Sensex recovers from initial losses

Sensex recovers from initial losses

The benchmark BSE Sensex recovered from initial losses and was trading marginally higher at 20,701.15 in late morning trade on fresh buying, mainly in capital goods and healthcare stocks, on the back of capital inflows from foreign funds into equity market.

The Sensex resumed slightly lower at 20,695.48 and fell further to 20,637.30 on initial selling, mainly in power and IT counters on the back of weak Asian cues.

However, it recovered afterwards to 20,701.47 before quoting at 20,701.75 at 1030 hrs, showing a marginal gain of 0.40 points.

However, the NSE 50-share Nifty moved down by 4.85 points or 0.08 per cent to 6,150.60 at 1030 hrs.

Major gainers were Tata Power (4.32 per cent), Bhel (2.33 per cent), Larsen (2.28 per cent), Axis Bank (2.00 per cent), Sun Pharma (1.38 per cent), Dr Reddy's Lab (1.35 per cent) and Gail India (1.04 per cent).

However, NTPC dropped by 11.3 per cent, TCS (1.32 per cent), HDFC Bank (1.95 per cent), Tata Steel (0.98 per cent) and HDFC (0.90 per cent).

The market may remain volatile this week on expiry of the near month futures and options (F&O) February contract on coming Wednesday. The stock market will remain closed on February 27 on account of Mahashivratri.

Foreign institutional investors (FIIs) bought shares worth a net Rs 603.41 crore on last Friday, as per provisional data from the stock exchanges.

Asian stocks were mostly lower in their early trade as investors appeared to give no more than a passing nod to the G20's latest commitment to spur faster global growth.

Key benchmark indices in Japan, Taiwan, China, Hong Kong and South Korea fell by 0.38-2.03 per cent while Singapore, the Straits Times index rose 0.01 per cent.

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