Sensex erases initial gains, still up 173 points

After a strong opening, BSE benchmark Sensex trimmed initial gains but was still trading higher by 173 points in late morning trade, helped by fresh buying in IT, teck, auto, power and telecom sectors amid positive global cues.
However, sustained selling was seen in consumer durables, capital goods, metal and FMCG stocks.
The 30-share Sensex, resumed higher at 26,508.94 and hovered in a range of 26,621.40 and 26,326.89 before quoting 26,477.76 at 1100 hours, still showing a rise of 173.13 points or 0.66 per cent from its last close.
The NSE 50-share Nifty was also trading up by 40.60 points or 0.50 per cent to 8,149.05 at 1100 hours.

Major gainers were, Asian Paint 4.71 per cent, TCS 3.91 per cent, Maruti 2.70 per cent, Infosys 2.41 per cent, Tata Motors 2.02 per cent and Bharti Airtel 2.00 per cent.
However, Lupin fell by 1.91 per cent followed by Dr Reddy 1.52 per cent, ITC 1.14 per cent, Axis Bank 0.94 per cent and GAIL 0.92 per cent.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net Rs 2353.82 crs yesterday,as per provisional data released by the stock exchanges.
In overseas markets, Asian stocks edged higher tracking overnight gains in US markets.
US stocks registered modest gains yesterday, as energy shares climbed on the back of rising crude oil prices.