Sensex trims its initial losses, down 41 points

The S&P BSE benchmark Sensex trimmed its initial losses but was quoted still lower by 41 points in the late morning trade due to selling in Banking and FMCG sectors despite buying in Capital Goods, Consumer Durable and IT sectors. 

The sensex opened lower at 29,143.63 and dropped further to 29,024.92 on weak Asian cues coupled with foreign capital outflows before quoting at 29,142.45 at 1100 hrs, still showing a loss of 40.50 points or 0.14 per cent from its last weekend’s level. 

The 50-share Nifty also moved down by 6.95 points or 0.08 per cent to 8,801.95 at 1100hrs.

Major losers were Dr. Reddy’s Lab (2.42%), Coal India (2.24%), HUL (1.97%), Bajaj Auto (1.92%), ICICI Bank (1.70%), Bharti Airtel (1.68%), HDFC Bank (1.25%) and ITC (1.25%). 

However, Sun Pharma at 2.45 per cent, Hindalco 2.11 per cent, Maruti 2.11 per cent, Wipro 1.73 per cent, Larsen 1.53 per cent, M&M 1.50 per cent and Cipla 1.26 per cent showed a rise.

Foreign portfolio investors sold shares worth a net Rs. 771.55 crore on last Friday as per provisional data. 

Asian equity markets were trading lower as data showing China’s manufacturing sector remaining in a poor state dampened investors’ spirit. Key indices in China, Hong Kong, Japan, South Korea, and Indonesia were off 0.11 per cent to 1.16 per cent while indices in Taiwan and Singapore were up 0.09 per cent to 0.54 per cent.