Sensex loses way, still up 71 pts on F&O expiry day

After a good start, benchmark indices lost a bit of their momentum, but are still trading higher on September expiry, supported by the Organization of the Petroleum Exporting Countries' (OPEC's) decision to slash output for the first time in eight years.

The global cues remained strong as oil rallied, boosting investor risk appetite.

Sustained buying was seen in oil and gas, energy, realty, auto, utilities and consumer durable counters. Healthcare and telecom stocks saw some buying.

The 30-share index was quoting at 28,364.09 at 1100 hrs, a rise of 71.28 points, or 0.25 per cent, from its last close.

The NSE 50-share Nifty was also trading up 28.10 points, or 0.32 per cent, at 8,773.25.

Major gainers were GAIL, Reliance, ONGC, M&M and PowerGrid, rising by up to 1.89 per cent.

However, ICICI fell 0.90 per cent, along with Axis Bank, HUL and Bharti Airtel.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 73.83 crore yesterday, according to provisional data.

In overseas markets, Asian stocks rose tracking a strong finish in US stocks yesterday, after the OPEC took an important step towards a cap on crude-oil output, which helped lift oil prices.