Sensex drops 101 points in late morning trade

The benchmark BSE Sensex washed out initial gains by slipping 101 points in late morning trade today on fresh selling pressure in power, auto and IT sector stocks amidst mixed Asian cues.
A bout of volatility was witnessed in early trade as key benchmark indices turned red after opening higher.
The Sensex resumed higher at 28,766.87 and firmed up further to 28,806.97 on initial strong buying on the back of fresh foreign capital inflows.
However, it failed to maintain initial gains and dropped to 28,599.88 before quoting at 28,635.15 at 1100 hours, showing a loss of 101.23 points, or 0.35 per cent, from its last close.

The CNX 50-share Nifty also dropped by 27.95 points, or 0.32 per cent, to 8,695.35 at 1100 hours.
Major losers were NTPC (2.25 per cent), ONGC (1.66 per cent), HDFC (1.34 per cent), HUL (1.29 per cent), BHEL (1.21 per cent) and M&M (1.12 per cent).

Foreign portfolio investors (FPIs) bought shares worth a net Rs 265.52 crore yesterday, according to provisional data released by the stock exchanges.
The US market closed on a mixed note yesterday as investors await the end of a two-day Federal Reserve meeting that could offer hints as to the timing of an increase in interest rates.

Key benchmark indices in China, Hong Kong, South Korea and Taiwan were up by 0.17-1.08 per cent while indices in Japan and Singapore were off by 0.08-0.24 per cent.