Sensex pares initial gains, drops 66 pts ahead of Q3 earnings

TIL Desk/Businesss/Mumbai-A bout of volatility prevailed during late morning trade today as the key benchmark index trimmed initial gains, dropping 66 points following selling pressure mainly in metals, banking, basic materials, finance, auto, and capital goods, while technology, consumer durables and realty stocks continued to support the market.

The Sensex opened higher at 28,349.22 and moved in a range of 28,469.48 and 28.184.21. At 1100 hrs, the 30-share barometer was quoted down by 65.75 points, or 0.23 per cent, at 28,224.17. The NSE 50-share Nifty was down 26.55 points, or 0.30 per cent, at 8,742.50 at 1100 hrs. Among the major losers were, Tata Steel 2.01 per cent, ICICI Bank 1.70 per cent, SBIN 1.19 per cent, Maruti 1.04 per cent and Larsen 1.01 per cent.

However, Hero Moto co rose by 1.22 per cent followed by Powergrid 1.22 per cent, Lupin 0.96 per cent, TCS 0.81 per cent and GAIL 0.72 per cent. Meanwhile, Foreign portfolio investors (FPIs) sold shares worth a net Rs 127.69 crore yesterday, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) also sold shares worth a net Rs 166.82 crore, as per the provisional data.